Crypto expert Rekt Capital has spotted a striking resemblance between Bitcoin’s recent pre-halving dip and the one that happened in 2020 before the cryptocurrency skyrocketed to a new high.
Pullback Matches 2020
Bitcoin’s current pullback is almost identical to the one it experienced before the 2020 halving. In both cases, the cryptocurrency fell by over 18%.
Resistance at $69,200
Rekt Capital believes that Bitcoin reclaiming the $69,200 level as support could signal the end of the recent decline. This suggests that Bitcoin is poised to break out of its current range and move higher.
Catalysts for Bitcoin’s Strength
Several factors are driving Bitcoin’s strength this cycle:
- Spot BTC ETFs: The approval of spot BTC ETFs in January 2024 has made it easier for investors to invest in Bitcoin without owning it directly.
- Bitcoin Halving: The upcoming Bitcoin halving in April is expected to create excitement and lead to increased investment.
