#BTC Once the halving begins, Bitcoin will see a parabolic rally "within weeks."

Bitcoin (BTC) has struggled to break above $38,000 recently, but remains comfortably above the $35,000 support zone as the market waits for the next big move.

Notably, part of the prevailing consensus among most market participants is that Bitcoin is poised to rise towards new all-time highs. This optimism is fueled by potential exchange-traded fund (ETF) spot approval and developments surrounding next year's halving.

In this case, noted crypto analyst TradingShot wrote in a November 17 post on TradingView that Bitcoin is set for a parabolic rally within weeks as the digital asset enters the peri-halving phase of the market cycle. He emphasized that preparations may be underway for this. In its analysis, TradingShot compared the current market cycle to the 2018-2021 and 2014-2017 cycles, where a nuanced understanding of Bitcoin's phase emerged.

In this analysis, Bitcoin is in the halving stage, with the fourth halving event expected to occur in April 2024. At this stage, Bitcoin price tends to reach or exceed the 0.786 Fibonacci retracement level, with the 0.382 Fibonacci level acting as important support, barring exceptional circumstances such as the pandemic crash in early 2020. To do.

Bitcoin is currently at the 0.786 Fibonacci level at $50,000. According to the TradingShot model, the cryptocurrency is expected to reach this level soon or within 3-4 months after the next halving. This analysis also highlights the importance of holding support above the .382 Fibonacci level at $27,000.

Analyzing the historical cycle, we see that the 2017 phase peaked at 2.382 Fibonacci extension, while the 2021 cycle he reached 1.618 Fibonacci extension.