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:
- Pre-halving rally
- Post-halving resistance
- 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.