William Suberg38 minutes agoBitcoin pre-halving "pullback" calls for $45K BTC price support retestBitcoin is keenly copying previous bull markets, but the April halving demands a period of consolidation of recent BTC price gains.261 Total viewsListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) is due a “pullback” around its next block subsidy halving, but the timing remains unclear.
In his latest YouTube video on Feb. 20, popular trader and analyst Rekt Capital predicted BTC price action copying the 2016 and 2020 bull runs.Bitcoin analyst mulls timing of 2024 "pre-halving retrace"
Bitcoin has ranged within a narrow corridor for over a week, with $52,000 acting as a resistance zone.
While this has taken its toll on sentiment — as well as altcoin price performance — seasoned market observers remain optimistic.
Analyzing previous runs to all-time highs, Rekt Capital identified key phases common to both bull market setups.
“In the past, a macro downtrend break always precedes upside going into the halving,” he explained.“Then we have a pre-halving retrace and then a post-halving reaccumulation period and then parabolic price action toward new all-time highs.”
An accompanying chart showed BTC/USD breaking its initial downward-sloping trend line, only to get caught in a resistance zone previously formed by it. Breaking through and then retesting as support — the “pre-halving retrace” phase — is what is missing in 2024 so far.
“We’re going to have the same thing in this cycle as well,” Rekt Capital continued.
The zone of interest when it comes to the pre-halving pullback lies at around $45,000, data from Cointelegraph Markets Pro and TradingView confirms.BTC/USD 1-month chart with Rekt Capital"s retracement zone. Source: TradingView
“The question is, ‘Are we going to retest this resistance this month in the pre-halving period?’ because notice how we are never able to do that in the pre-halving period across time,” he queried.
Earlier, Rekt Capital concluded that BTC/USD had fully entered its pre-halving run-up, now adding that key price events were coming quicker this cycle than before.Sub-$50,000 BTC price levels come into focus
Commenting on current price action, meanwhile, others saw little reason to flip bearish on the market amid the rangebound moves.
Related: Why is Bitcoin price down today?
“Bitcoin is trading at the exact same price as it was 7 days ago,” Caleb Franzen, founder of research platform Cubic Analytics, told subscribers on X (formerly Twitter) on Feb. 22.“Fluctuating between $50.6k & $53k for the past 7 days, but the lowest daily close has been $51.6k (which is also right where it"s trading right now). I really don"t understand the panic or the bear victory laps.”
Responding, analyst Matthew Hyland broadly agreed, noting the significance of the 0.618 Fibonacci retracement level from all-time highs just above $48,000.
“If $49k folds then the picture changes but consolidation in an uptrend favors a continuation of the uptrend,” he nonetheless cautioned.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# Markets# Bitcoin HalvingAdd reactionAdd reactionRead morePrice analysis 2/21: BTC, ETH, BNB, SOL, XRP, ADA, AVAX, DOGE, LINK, DOTBTC price drops to 1-week low as traders focus on Bitcoin whales, NvidiaMichael Saylor to forever buy Bitcoin — ‘No reason to sell the winner’