Bitcoin Pre-Halving Rally Has Only Just Started, Says Crypto Analyst – Here’s His Outlook

A popular crypto analyst believes the pre-halving rally for Bitcoin ($BTC) is still in the beginning stages.

Pseudonymous crypto trader Rekt Capital tells his 57,300 YouTube subscribers that based on historical patterns, Bitcoin’s pre-halving rally may extend for weeks longer.

Bitcoin’s halving is scheduled to occur in April when $BTC miners’ rewards are cut in half.

Says Rekt Capital,

“The main takeaway here is that this pre-halving rally has only just begun technically speaking, and it’s a little bit too soon to talk about a last pre-halving retrace. This pre-halving retrace tends to occur a few weeks before the halving event. And so that just means that we might have a few weeks left, whether it’s still just hovering at the highs for a few more weeks, re-accumulation at highs before the retest or the retrace or maybe we see a little bit more limited upside before that retrace occurs.”

Source: Rekt Capital/YouTube

The trader thinks that a conservative estimate for a Bitcoin correction before the halving event could be a decline between 15% and 20%.

“Generally speaking, we should see at least two to three weeks more of upside, three weeks in general – so whether that’s upside or re-accumulation at its highest, whether it’s limited upside as well. Still, we’re not yet in the last pre-halving retrace phase. And when we’re talking about retracement periods, in 2020 it was a 19% retrace…

But in 2016 we saw… 29% if we’re just taking into account the candle bodies. So anything between 19% to 30% is something we could expect at this point in the cycle.

And then this cycle itself, maybe you want to be a little bit more conservative and just say 15% or 20%. Whatever this retrace turns out to be, it’s going to be the last pre-halving retrace, and it’s going to be the last bargain-buying opportunity before we transition into this post-having re-accumulation period which will take place after the halving and will last quite a substantial amount of time.”

Bitcoin is trading for $50,767 at time of writing, a slight decrease in the past 24 hours.

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