Bitcoin (BTC) is expected to experience a pullback before its next block subsidy halving, although the exact timing is uncertain. In a recent YouTube video, trader and analyst Rekt Capital made predictions about BTC price action based on the bull runs of 2016 and 2020. While Bitcoin has been trading within a narrow range for over a week, with $52,000 acting as a resistance zone, experienced market observers remain optimistic. Rekt Capital analyzed previous runs to all-time highs and identified key phases that are common in both bull market setups. He explained that a macro downtrend break always precedes upside movement leading up to the halving. However, the “pre-halving retrace” phase, in which BTC/USD breaks through a resistance zone and then retests it as support, is currently missing in 2024. Rekt Capital expects this phase to occur in the current cycle as well. Data from Cointelegraph Markets Pro and TradingView confirm that the zone of interest for the pre-halving pullback is around $45,000. The question remains whether this resistance will be retested this month during the pre-halving period, as this has not happened in previous cycles. Rekt Capital previously concluded that BTC/USD had entered its pre-halving run-up and now adds that key price events are occurring at a faster pace compared to previous cycles. Despite the rangebound price action, some analysts see no reason to turn bearish on the market. Caleb Franzen, founder of research platform Cubic Analytics, noted that Bitcoin has been trading at the same price for the past seven days. Analyst Matthew Hyland also agreed, highlighting the significance of the 0.618 Fibonacci retracement level above $48,000. He cautioned that if BTC drops below $49,000, the picture could change, but consolidation in an uptrend suggests a continuation of the upward movement. It’s important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.
Bitcoin price support retest at $45K called for ahead of halving.