Bitcoin (BTC) is reaching a point in the market cycle that has historically coincided with significant price corrections, according to closely watched analysts.
In a new video update on YouTube, pseudonymous analyst Recto Capital tells his 63,500 subscribers that roughly two to four weeks before the Bitcoin halving, miners' BTC rewards will be cut in half and the main He said that crypto assets have entered the “danger zone” and will be in a dangerous situation. For retracement pricing.
Recto Capital said:
“Well, from 28 days to 14 days before the halving is a kind of danger zone. This could lead to a local top on the previous uptrend before Bitcoin experiences a pre-halving retrace. It is a historical danger zone.
So you can see that this orange danger zone is still quite far away. So now, in reality, this pre-half-life danger zone is 28 days in size, so to speak, and we are about the same distance away from this pre-half-life danger zone.
So 28 days left means there are still a few weeks left in this halving rally, which makes sense. Because we're halfway through this halving rally.
Of course, the fact that this bull market has halved does not necessarily mean that it will continue to move higher each month as we are already seeing great price action, but even in the uptrend before the halving, we are not seeing any declines. You can see that A 4% rally did happen, and as we saw in 2020, declines are generally possible. This is a period of downside wicking and reaccumulation for this kind of thing. ”
The halving is estimated to occur in mid-April.
At the time of this writing, BTC is trading at $69,572.
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