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In the widely-followed cryptocurrency markets, an analyst reminded that Bitcoin‘s (BTC) recent halving has not fully adjusted and this event halved BTC miners’ rewards. The expert made critical comments in his statements. Here are the details!
Effects of Halving on Bitcoin
Known by the pseudonym Rekt Capital, the cryptocurrency analyst stated to his followers on the social media platform YouTube that historically, Bitcoin has initiated a parabolic rally after halving. However, the analyst suggested that the real pricing for the halving usually occurs a few months after the event and said:
Bitcoin halving has not been priced in. According to historical data, whenever we see a halving, we have seen an extraordinary rise at this point in the cycle. We had already seen all-time highs but continued to consolidate for a long time. It’s only a matter of time to reach all-time highs once again. Of course, this is not on a logarithmic scale, so I don’t expect the price to rise to $400,000 or whatever the case may be.
Analyst’s Historical Data on BTC
The senior cryptocurrency analyst also emphasized that the cryptocurrency tends to see more than 150 days of consolidation, and lastly said:
Historically, before seeing a breakout towards a parabolic rally that lasts several months, we tend to see more than 150 days of consolidation. Currently, we are in a re-accumulation period again, so the longer we re-accumulate here, the better it will be for the inevitable upward trend that will emerge afterward.
Rekt Capital recently suggested that Bitcoin is officially out of the dangerous zone where historical corrections occur during market cycles. However, he argued that BTC might not trigger major rises towards all-time highs until September of this year. At the time of writing, the flagship Bitcoin is trading at $68,580.
