A crypto analyst claims that the market has yet to fully account for Bitcoin’s recent halving, where rewards for miners were cut in half.
Historical Trends
Historically, Bitcoin has experienced significant rallies after halvings. However, the analyst notes that the actual pricing in of the event typically occurs months later.
Current Market Conditions
Despite recent all-time highs, Bitcoin has been consolidating for some time. The analyst believes that a breakout to new highs is inevitable, but expects consolidation to continue for over 150 days before a parabolic rally.
Accumulation Phase
The current period is seen as a re-accumulation phase, which is beneficial for the long-term uptrend. The longer the pause, the better the potential for a sustained rally.
Breakout Timeline
The analyst previously stated that Bitcoin is out of the “danger zone” for corrections. However, they predict that breakout rallies to new highs may not occur until around September 2023.
