Bitcoin is hovering around $70,000, and crypto enthusiasts are feeling optimistic about its growth before the upcoming halving event.
Analyst’s Market Insights
Rekt Capital, a cryptocurrency analyst, has outlined three distinct stages of the halving event for investors:
Pre-Halving Retrace
- Bitcoin experienced an 18% pullback, which is lower than previous halvings.
- This was the last chance to buy at a discount before the halving.
Re-Accumulation Phase
- Occurs a few weeks before the halving and lasts for several weeks or up to five months.
- Bitcoin moves sideways during this phase, which can lead to frustration among investors.
- Patience is key during this time.
Parabolic Uptrend
- Begins when Bitcoin breaks out of the re-accumulation range.
- Bitcoin’s price typically rises rapidly and enters a parabolic upsurge.
- This phase has historically lasted about a year or more, but could be shorter this time due to the accelerated cycle.
Bitcoin’s Post-Halving Rally
Rekt Capital believes that Bitcoin’s post-halving rally could mirror previous trends, with the price rising quickly and entering a parabolic upsurge.
Current Market Trend
Bitcoin is currently showing strength and is close to revisiting its all-time high of $73,000. With the halving event approaching, the coin market could see even bigger gains in the coming months.
