Bitcoin's pre-halving rally phase is just beginning, according to crypto analyst – here's his outlook

A widely followed crypto analyst believes Bitcoin (BTC) is just entering the pre-halving phase and could follow a historical pattern over the next two months.

Pseudonymous crypto trader Rekt Capital tells his 396,800 followers on social media platform X that Bitcoin could fall weeks before the April halving after posting gains.

He says Bitcoin could temporarily rise above a key diagonal resistance trendline, currently around $46,000, but could remain below it on the monthly chart based on its historical price pattern.

Bitcoin's halving event occurs every four years when miners' rewards are halved.

Rekt Capital says:

“How do we reconcile the following historical trends?

– The pre-halving rally phase begins.

– However, historically, BTC fails to break the macro diagonal before the halving.

– And it also historically fails to break through its four-year cycle resistance (~$46,000 this cycle).

Keeping all these things in mind, here is how Bitcoin could balance all these tendencies:

+ Bitcoin would need to achieve limited upside in its pre-halving rally phase.

+ This uptrend would result in an upward wick at the end of February, as was the case for example last month and also in 2019.

+ Then perhaps another range could form at the March highs, allowing altcoin rallies to take center stage.

+ Then finally pull back for a pre-halving retracement a few weeks before the actual halving event.

This could be the path Bitcoin takes to move higher above the macro diagonal but remain below it in terms of monthly candle closes at the end of the month in this slowly coming to an end pre-halving phase.”

Source: Rekt Capital/X

Bitcoin is trading for $47,387 at the time of writing, up 2.80% in the last 24 hours.

Don't miss a thing – Subscribe to receive email alerts straight to your inbox

Check price action

Follow us on Twitter, Facebook and Telegram

Surf the Daily Hodl Mix

Check out the latest headlines
&nbsp

Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct their due diligence before making any risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and transactions are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Satean Hawaree/S-Design1689

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers