Crypto Trader Says Bitcoin (BTC) Retracement Could Lead to ‘Parabolic Uptrend’ – Here’s What He Means
A broadly adopted crypto analyst says that Bitcoin (BTC) backtracking earlier than the halving might truly be factor.
Pseudonymous crypto dealer Rekt Capital dives deep into pre-halving BTC exercise for his 372,100 followers on the social media platform X.
The Bitcoin halving happens roughly each 4 years. The pre-programmed occasion reduces the reward for Bitcoin miners by half, in the end limiting the overall provide of Bitcoin to 21 million cash.
In response to Rekt Capital, BTC has traditionally used the halving to leap to new all-time highs.
“Black trendline tends to behave as a resistance within the Pre-Halving interval (orange circles)
However after the Halving, it will get damaged & reclaimed as new help (black circle)
Then after a profitable retest, BTC later springboards to new All Time Highs.”
In response to the dealer, if BTC’s value lowers earlier than the halving, it is going to only result in an much more explosive interval after the occasion, at present anticipated in April 2024.
“Any deeper retracement in the course of the Pre-Halving interval will allow the longer term parabolic uptrend within the Submit-Halving interval.”
In response to the analyst, BTC is still steeped within the pre-halving section.
“Bitcoin continues to be within the Pre-Halving section
However after the Halving, Bitcoin will spend a couple of weeks in Re-Accumulation (purple) earlier than rally right into a parabolic uptrend (inexperienced).”
BTC is price $37,594 at time of writing.
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