A widely followed crypto analyst is getting more specific on the phases of a Bitcoin (BTC) halving.
Every four years, BTC rewards for miners are cut in half, an event known as a halving.
The most recent BTC halving took place just a week ago on April 19. The price of BTC changed little over the next seven days.
According to a pseudonymous crypto trader Rekt Capital, we are still in the first phase of the three phases of a halving. First, there is the transition phase, which BTC finds itself in today, followed by the reaccumulation and parabolic rise phases.
“The transition phase consists of three sub-phases:
- 1a) The “danger zone” before the halving (orange)
- 1b) The final retrace before the halving (dark blue circle)
- 1c) The “danger zone” after halving (purple) »
In a lengthy post, the analyst explains to his 456,600 followers on social media platform X that BTC is specifically in the “danger zone” after the halving.
“If this 2016 story were to repeat itself in 2024, Bitcoin could potentially produce one final flash bearish streak over the next two weeks.
The “danger zone” before the halving (orange), the final retrace before the halving, and the “danger zone” after the halving (purple) all define the next major phase of the halving cycle of Bitcoin…”
According to the crypto analyst, the next stage, the reaccumulation phase, could last up to 150 days, or around five months.
However, the trader sees a light at the end of the tunnel: the parabolic bullish phase.
“Once Bitcoin exits the reaccumulation zone, it moves into the parabolic uptrend (green)
It is during this phase that Bitcoin experiences accelerated growth towards a parabolic uptrend.
Historically, this phase has lasted a little over a year (~385 days), but with a potential accelerated cycle currently occurring, this figure could be cut in half during this market cycle.
BTC is worth $63,529 at the time of writing, down 1.5% over the past seven days.
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