the main points:
- Rekt Capital believes that Bitcoin's pre-halving behavior will occur despite the impact of ETFs.
- Bitcoin makes pre-halving corrections 14 to 28 days before the halving event.
- The analyst revealed that there will also be a build-up after the halving before a corresponding upward move for BTC.
According to Rekt Capital, a popular cryptocurrency analyst on The analyst admitted that newly launched ETFs played a role in how the Bitcoin market developed. However, he believes there will be a bounce before the halving, as happened in previous bull runs.
In one of his posts, Rekt Capital predicted that Bitcoin is just days away from entering the “danger zone.” According to him, the danger zone is where the pre-halving bounce begins. He used historical data to show that Bitcoin makes pre-halving corrections 14 to 28 days before the halving event.
To further illustrate his observation, the famous analyst showed that Bitcoin fell by 20% in the days leading up to the Bitcoin halving in 2020. Likewise, before the 2016 halving event, the major cryptocurrency fell by 40% after the initial rally.
At the time of Rekt Capital's publication, the Bitcoin halving event was 31 days away, and the leading cryptocurrency was down 11%. Bitcoin has fallen from a recent high (ATH) of $73,794 to around $65,000, according to data from TradingView.
The famous analyst accompanied his forecast with a chart analysis indicating that Bitcoin may see further price declines in the re-accumulation phase after the halving. He also revealed that the buildup after the halving will prepare the top cryptocurrency for an equivalent upward move after the halving.
Bitcoin is trading for $65,469 at the time of writing amid a general market pause. The impact of the newly launched ETFs on the current uptrend is significant, especially in pushing BTC to a new ATH before the halving event. This is a situation that the cryptocurrency market has not experienced until the current bull cycle.
