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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

What’s Ahead For Bitcoin? Expert Forecasts Pre-Halving Rally As Early As Next Week

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Bitcoin

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Bitcoin (BTC), the largest cryptocurrency in the market, has seen its price hover between $42,000 and $43,000, halting its recovery from the dip below $38,500. 

With the upcoming halving event scheduled for April, market experts and crypto analysts such as Rekt Capital are observing historical patterns that suggest an interesting price action scenario, potentially igniting another significant price surge for Bitcoin.

Pre-Halving Rally For Bitcoin Imminent? 

Rekt Capital, known for its expertise in analyzing market trends, highlights the significance of historical patterns about previous halving events. These patterns reveal a consistent trend of substantial rallies leading up to the halving, followed by a short period of correction and consolidation before a major bull run and peak.

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According to Rekt Capital, Bitcoin should commence its Pre-Halving Rally as early as next week if history indicates. 

This rally, driven by investors “buying the hype” in anticipation of the halving, aims to capitalize on the price surge and realize profits by “selling the news.” Short-term traders and speculators often exploit this hype-driven rally and sell their positions.

Bitcoin
Historical patterns suggest an imminent pre-halving rally for BTC. Source: Rekt Capital on X

The subsequent selling pressure contributes to a phenomenon known as the pre-halving retrace. This retrace typically occurs a couple of weeks before the actual halving event. 

In previous halving cycles, the pre-halving retrace reached depths of -38% in 2016 and -20% in 2020. It is worth noting that this phase can last for several weeks, introducing uncertainty among investors regarding whether the halving will act as a bullish catalyst for Bitcoin’s price.

Overall, the historical patterns observed by Rekt Capital point to the possibility of a pre-halving rally in the coming weeks, followed by a correction period known as the pre-halving retrace. 

While past performance is no guarantee of future results, these historical trends provide valuable guidance on how the price of Bitcoin may perform in the coming weeks and days before the halving.

Long-Term Holder Support And ETF Buying Pressure

Despite expected short-term gains for BTC, Crypto Con has recently drawn attention to a historical trend in the Bitcoin market. According to Crypto Con, no Bitcoin cycle has ever escaped a retest of the 150% long-term holder support line. 

According to the analyst, this line has acted as a crucial level of support during various market cycles. Even during the unprecedented black swan event and subsequent recovery in 2020, the price retested this line as support.

By analyzing this metric, Crypto Con suggests that based on historical patterns, Bitcoin’s price may need approximately $31,300 to retest the long-term holder support line. 

Bitcoin
BTC’s long-term holder support retests based on historical patterns. Source: Crypto Con on X

The anticipated impact of ETF buying pressure on Bitcoin’s price is counterbalancing the argument for further corrections. Introducing ETFs (Exchange-Traded Funds) into the cryptocurrency market is a relatively new development. As such, the effects of ETF inflows on Bitcoin’s price remain to be seen and are a subject of ongoing observation.

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While the potential retest of the long-term holder support line may create temporary price fluctuations, proponents of Bitcoin as an investment opportunity view such a scenario as a buying opportunity. 

Ultimately, Crypto Con believes that those who believe in the long-term prospects of Bitcoin may choose to take advantage of any price dips resulting from a retest of support.

Bitcoin
BTC’s sideways price action on the daily chart. Source: BTCUSDT on TradingView.com

BTC trades at $42,800, up a slight 0.4% in the past 24 hours as of this writing. 

Featured image from Shutterstock, chart from TradingView.com 

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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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

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