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Bitcoin seems to be following a pattern reminiscent of previous bull markets, and as the April halving approaches, analysts anticipate a necessary consolidation phase for recent BTC price gains. The timing of the impending pullback remains uncertain, as highlighted in a recent YouTube video by the well-known trader and analyst, Rekt Capital, on Feb. 20. Drawing parallels with the 2016 and 2020 bull runs, Rekt Capital predicts a replication of BTC price action.

 

 

 

 

Over the past week, Bitcoin has traded within a relatively narrow corridor, with $52,000 serving as a resistance zone. Despite impacting sentiment and affecting altcoin prices, experienced market observers maintain an optimistic outlook.

 

 

 

Analyzing historical trends leading to all-time highs, Rekt Capital pointed out consistent phases in bull market setups. He noted that a break in the macro downtrend typically precedes an upward movement leading into the halving. Subsequently, a pre-halving retrace is followed by a post-halving reaccumulation period, culminating in a parabolic price surge towards new all-time highs. Reviewing the current scenario in 2024, Rekt Capital’s analysis suggests that the crucial “pre-halving retrace” phase is yet to occur, as BTC/USD broke its initial downward-sloping trend line but got ensnared in a resistance zone formed earlier. The missing element is the breakthrough followed by a retest as support, signaling the anticipated pullback ahead of the halving.

 

 

 

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