A recognized analyst in the cryptocurrency markets has claimed that Bitcoin (BTC) is entering a bullish phase as its halving approaches. Crypto analyst Rekt Capital mentioned that Bitcoin has entered the pre-halving rally stage.
“BTC’s Time Has Come!”
The crypto analyst known as Rekt Capital told his followers on social media platform X that Bitcoin has entered the pre-halving rally phase. According to the analyst, Bitcoin’s bull markets can be divided into three main parts: pre-halving rally, post-halving resistance, and post-halving parabola. He stated that BTC has officially started the first phase, saying:
Time is up. Bitcoin has already moved into the pre-halving rally phase.
Rekt Capital also pays attention to the Pi Cycle Top indicator, which focuses on the 111-day moving average (DMA) and multiples of the 350-day moving average. According to the analyst, the indicator’s 111 DMA, which acts as support during bull runs, implies that the market cycle peak is approaching around October this year.
The Halving Process in Bitcoin
However, if BTC corrects before the April halving, when miners’ rewards are halved, the market peak could come at a later date, highlighting the following:
As for the moving average, it stands as support. The same was true in the 2020 halving year, and now we are in the halving year of 2024, and look at what’s happening at this moving average right now. It stands as support and will offer bargain buying opportunities through this retest. So, we know that the 111-day moving average is an important one, and unless we get a major correction, if we project these two moving averages into the future, it means we will reach the bull market peak around October. However, around the pre-halving pullback, we tend to see corrections in Bitcoin’s price action, so a correction during this period will likely pull this Pi cycle moving average down a bit more, which also means that this moving average will spread out. It’s going to bend down a bit, which means we’ll see the bull market peak happening at a much later date.