Bitcoin to Witness Moderate Gains in Pre-Halving Phase, Says Analyst

Crypto analyst Rekt Capital, known for his insights on cryptocurrency trends, shares a fresh perspective on Bitcoin’s market movement as it approaches its halving event in April. With a following of nearly 397,000 on the social media platform X, he suggests that Bitcoin is entering a critical pre-halving phase that could see patterns similar to those observed in previous cycles.

According to Rekt Capital, Bitcoin might experience a temporary increase, potentially surpassing a crucial resistance level at around $46,000. However, it’s expected to remain under this threshold when viewed on the monthly chart. This pattern aligns with Bitcoin’s historical behavior around halving events, which occur every four years and reduce miners’ rewards by half.

Rekt Capital outlines a possible scenario for Bitcoin in the coming months, emphasizing a moderate rise during the pre-halving rally phase. This increase might manifest as a sharp spike, or “wick,” towards the end of February, mirroring movements seen in the last month and in 2019. March could then see Bitcoin establishing a new price range at its peak, setting the stage for altcoins to gain momentum. As the halving approaches, a retraction in Bitcoin’s price is anticipated, a few weeks before the event.

This anticipated trajectory suggests Bitcoin could exceed the macro diagonal resistance temporarily but is likely to settle below this level by the end of the month, marking a cautious end to the pre-halving period.