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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Bitcoin Bears Brewing: Analyst Predicts A Pullback Before Halving

Godspower Owie
Godspower Owie
1 year ago
3 mins read
Bitcoin

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Created by industry experts and meticulously reviewed
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Rekt Capital, a well-known cryptocurrency analyst and enthusiast, has offered insights on Bitcoin’s price action ahead of the upcoming BTC Halving event.

One Final Retracement For Bitcoin Before Halving?

The crypto expert took to the social media platform X to share his perception with his nearly 400,000 followers. Rekt believes Bitcoin is poised for a significant retracement before the impending BTC halving.

Related Reading

Bitcoin

Bitcoin Halving Prep: Analyst Outlines Key Points Ahead Of Event

1 year ago

According to the analyst, the retracement will be Bitcoin’s “last correction before the halving event.” He further highlighted that, due to historical patterns, the pullback is anticipated to occur in late March or April 2024.

In response, a pseudonymous user curiously asked the expert if he could address the pre-halving rally phase in his next newsletter. He added, “Of course, we are unable to have both play out, as we are currently above the 8 resistance line.” 

He further noted that a new pattern might be formed if Bitcoin ends the month above the diagonal. “Monthly Close above the diagonal would be the first in history in a pre-halving period,” he stated.

So far, the cryptocurrency community is excited about the upcoming Bitcoin Halving event. This is because Bitcoin Halvings are seen as a bullish occurrence that drives up the price of BTC significantly.

Notably, the event occurs approximately every four years. It aims to maintain BTC’s scarcity and value while controlling inflation by decreasing the rate at which miners in the network create new BTC units.

The miners‘ block reward will drop from 6.25 BTC to 3.125 BTC during the next halving. Additionally, the event is anticipated to occur in April 2024 after the number of blocks reaches 840,000.

Bullish Overview Of The Digital Asset

Despite the potential pullback pre-halving, several crypto enthusiasts are still bullish about the leading cryptocurrency asset on low timeframes. Ali Martinez, a cryptocurrency expert, recently shared an optimistic prediction for BTC to tackle skepticism around the token.

Related Reading

Bitcoin (BTC)

BitMEX Co-Founder Bitcoin Forecast: BTC To Reach $1 Million Amid Banking Turmoil

1 year ago

Ali Martinez highlighted that BTC boasts robust support levels that could surpass resistance. Due to this, he has predicted a possible rise in BTC’s price to the $57,000 price mark. However, he believes that Bitcoin will undergo a correction before reaching the aforementioned price mark.

Bitcoin
BTC resistance level to reach $57,000 | Source Ali_charts on X

Currently, Bitcoin is sitting at $47,886, recording an increase of over 11% in the past 7 days. CoinMarketCap shows that the token’s trading volume is up by 4%, while its market cap is down by 0.53%.

Bitcoin
BTC trading at $47,960 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

Read more

My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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