Bitcoin: Moving Into Rally Phase

A renowned crypto analyst, Rekt Capital, believes that Bitcoin (BTC) has entered a bullish phase in anticipation of the upcoming halving event.

Pre-Halving Rally Phase

According to Rekt Capital, Bitcoin’s bull markets can be divided into three stages:

  1. Pre-halving rally
  2. Post-halving resistance
  3. Post-halving parabola

He emphasizes that BTC has officially entered the pre-halving rally phase.

Pi Cycle Top Indicator

Rekt Capital also examines the Pi Cycle Top indicator, which uses a 111-day moving average (DMA) and a multiple of the 350-day moving average. He observes that the indicator’s 111 DMA, which acts as support during bull runs, suggests a market cycle top around October of this year.

However, he acknowledges that the market top could occur later if BTC experiences a correction before the April halving, when miners’ rewards are halved.

Bargain Buying Opportunities

Rekt Capital believes that the 111-day moving average is a crucial indicator, and as long as there is no significant correction, the bull market top could occur around October. However, he expects a correction during the pre-halving retracement, which could delay the market top.

Current Bitcoin Price

At the time of writing, BTC is trading at $48,119.