Is Bitcoin’s Pre-Halving Retracement Over? 52,000 BTC were accumulated on Sunday alone – TradingView News

After one of the biggest days of accumulation in years that saw Bitcoin reclaim the $71,000 price level, Bitcoin's pre-halving retracement may already be over.

On March 25, blockchain analytics firm Santiment reported that Bitcoin had “surprised traders” with a rally as “key stakeholders” enjoyed a huge day of gains over the weekend.

Wallets dubbed “sharks” and “whales,” which hold between 10 and 10,000 coins, have accumulated 51,959 BTCUSD on March 24, then valued at about $3.4 billion, the company announced. It added that this represents an accumulation of 0.263% of the total currently available supply in one day.

As the Bitcoin halving approaches, roughly three weeks away on April 19, “it would not be surprising to see these wallets continue to grow, which would have a positive impact on crypto-wide market caps,” it said. Cointelegraph

Crypto analysts were worried about a major retracement ahead of the halving and assumed that history would rhyme with previous market cycles. However, BTC only fell about 17% from its March 14 all-time high of $73,738, falling to $61,494 on March 20, according to CoinGecko.

Technical analyst “Rekt Capital” said that if this is the end of the pre-halving retracement, Bitcoin will have almost reached the pre-halving retracement of 2020.

“Bitcoin is down -18% this cycle, while BTC is down just over -19% in 2020,” he noted. Cointelegraph

The analyst had previously predicted that this pre-halving retracement would “occur on the shallower side rather than the deeper side” and could also be much shorter than has otherwise been the case in the past.

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