Bitcoin (BTC) has entered bullish territory as the halving approaches, according to a closely watched cryptocurrency analyst.
Pseudonymous analyst Recto Capital told his 397,000 followers on social media platform X that Bitcoin has entered a “pre-halving uptrend.”
According to the trader, the Bitcoin bull market can be divided into three main chapters: the pre-halving rebound, the post-halving resistance, and the post-halving parabola. He said that BTC has officially launched the first phase.
“We’re running out of time.
Bitcoin has already entered the uptrend before the halving. ”
Rekt also looks at the Pi Cycle Top indicator, which focuses on multiples of the 111-day moving average (DMA) and the 350-day moving average.
According to the analyst, the indicator's 111 DMA, which acts as support for the bull market, suggests that the top of the market cycle will come around October this year. However, he points out that if BTC corrects before the April halving, when miners' rewards are cut in half, the market could hit a ceiling at a later date.
“The orange moving average acts as support. It was the same in the halving year of 2020, and now it is also the halving year of 2024. Look at what is happening now with this orange moving average It has been maintained as support, and this retest will likely provide an opportunity to buy on the spurt.
Therefore, we know that the 111-day moving average is an important moving average, and unless a significant correction occurs, propagating these two moving averages into the future will result in a bull market high. Masu. Around October.
But before and after a retrace before a halving, we tend to see a correction in Bitcoin's price movement, so a correction during that period will likely tip this Pi moving average a little lower, and that's because It also means that this moving average has propagated and will now slope down a bit. That means the peak of the bull market will be much later. ”
At the time of this writing, BTC is trading at $48,119.
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