A well-known cryptocurrency analyst predicts that Bitcoin (BTC) might kick off its pre-halving rally in the upcoming week.
Rekt Capital, an analyst with a large following of 395,800 on the social media platform X, suggests that Bitcoin is on the verge of entering its pre-halving rally phase, drawing insights from historical patterns.
The halving event, which occurs approximately every four years, involves cutting the rate at which new bitcoins are created in half. Rekt Capital points out that Bitcoin typically undergoes five distinct stages around the time of its halving.
With the next halving scheduled for April, Rekt Capital believes that Bitcoin is currently shifting from its pre-halving retracement phase to its pre-halving rally phase.
Based on historical trends, Rekt Capital suggests that Bitcoin could initiate its pre-halving rally as early as next week.
Analyzing the trader’s chart, it appears that Bitcoin (BTC) may undergo another phase of re-accumulation following the pre-halving rally before embarking on a significant upward trend, potentially propelling its price well beyond $90,000.
According to Rekt Capital, Bitcoin currently appears poised to overcome its immediate resistance level, which has been hovering around $43,786 and has been tested multiple times over the last couple of months.
Last week, Bitcoin faced rejection from the upper boundary of the range (marked in red), resulting in an upward wick and the formation of a new lower high.
Despite this setback, BTC is now showing signs of attempting to breach the upper boundary of the range again this week.
If this upward momentum continues, it suggests that the resistance at the upper boundary of the range may be weakening.
