A closely followed crypto analyst claims that Bitcoin (BTC) has now entered bullish territory as the halving approaches.
Pseudonymous analyst Rekt Capital tells his 397,000 followers on social media platform X that Bitcoin has entered a “pre-halving rally phase.”
According to the trader, Bitcoin bull markets can be divided into three main chapters: pre-halving rally, post-halving resistance, and post-halving parabola. He claims that BTC has officially launched the first phase.
” Time is up.
Bitcoin has already entered the pre-halving rally phase.
Rekt also looks at the Pi Cycle Top indicator, which focuses on a 111-day moving average (DMA) and a multiple of the 350-day moving average.
According to the analyst, the indicator’s 111 DMA, which serves as support for bull runs, hints that a top of the market cycle will occur around October this year. However, he notes that a market top could occur at a later date if BTC corrects before the April halving, when miner rewards will be halved.
“As for the orange moving average, it provides support. Same thing for the halving year of 2020, and we’re now also in the halving year, 2024, and just look at what’s happening with that orange moving average right now. It remains as support and it is this new test which will offer purchasing opportunities at reduced prices.
So we know that the 111 day moving average is an important moving average and as long as we don’t get a significant correction, and if we propagate these two moving averages into the future, that means we will get a bull market top. around October.
But it’s around the retracement before the halving that we tend to see corrections in Bitcoin price action, so a correction during this period will likely tip the Pi cycle moving average a bit more low, and that also means that this moving average has spread. here it’s going to be tilted a bit to the downside, meaning we’ll see the peak of the bull market occur at a much later date.
At the time of writing, BTC is trading at $48,119.
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