A widely followed cryptocurrency analyst shared what he called a “cheatsheet” to read Bitcoin (BTC) price movements ahead of the next halving. The analyst, known by the pseudonym Rekt Capital, presented a graph on social media platform X showing that BTC’s current prices are within the expected range before the halving.
The Halving Process in BTC!
Discussing the upcoming halving event of Bitcoin, the leading cryptocurrency, the investor shared his thoughts. According to the analyst’s graph, BTC currently has a downward range and may still remain within the expected range before the halving. The graph shows that after the halving, the price levels known as resistance initially do not move much, followed by a parabolic rise for BTC.
Bitcoin’s next halving is expected to take place on April 2024. Halving is an event that occurs every four years, where the Bitcoin mining reward is halved. Prices usually rise shortly after the event. The analyst also took the time to discuss the possibility of a bearish fractal pattern forming in BTC price charts. In his comments, he said:
If we had seen this Bearish Bitcoin Fractal before… Maybe we can see it again? Even if a bearish Bitcoin Fractal forms… It could enable one of the pre-halving last bargain buying opportunities to activate for parabolic preparation post-halving.
Expectations for Litecoin!
According to the analyst, a bearish fractal can actually offer a profitable opportunity for BTC investors. Looking at Litecoin (LTC), Rekt Capital says that Litecoin still finds its fundamentals after the latest halving event. The expert concluded his statements by saying:
A short story… At the lower level, perfect view rejection in the pre-halving rally. Then came a deep pullback. When you lose this level high as support, there will likely be more negativity. LTC is probably still looking for a new accumulation range.
Nice!