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Historical Data Points to Pre-Halving Rally Phase
- Pseudonymous analyst Rekt Capital believes Bitcoin (BTC) could start its pre-halving rally next week.
- Rekt Capital analyzed historical data and identified five stages in Bitcoin’s price action based on halving events.
- The next halving is scheduled for April, and Rekt Capital believes Bitcoin is transitioning from pre-halving retracement to pre-halving rally.
Pre-Halving Rally Could Lead to Parabolic Uptrend
- After the pre-halving rally, Rekt Capital predicts one more round of re-accumulation before a parabolic uptrend.
- Bitcoin could rally well above $90,000 during this uptrend.
Bitcoin Attempts to Break Above Immediate Resistance
- Bitcoin is currently trying to break above its immediate resistance at around $43,786.
- Rekt Capital notes that Bitcoin has touched this level multiple times in the past two months.
- If Bitcoin can break above this resistance, it could signal a weakening of the resistance.
Bullish Momentum Gathering for Bitcoin
- Bitcoin’s relative strength index (RSI) indicator broke above its diagonal resistance, invalidating a potential bearish divergence signal.
- A bearish divergence typically indicates a bearish reversal is in sight.
- The new weekly close suggests that the bearish divergence has been invalidated, indicating bullish momentum.
Bitcoin’s Current Price
- At the time of writing, BTC is worth $43,161, up 1.22% in the past 24 hours.