Some analysts believe that Bitcoin is at the beginning of the pre-halving phase that historically follows a certain pattern. Similar to previous halvings, BTC’s price appears to be following the five phases of the Bitcoin halving.
The timing of the pre-halving drawdown comes 18 days before the expected Bitcoin halving date on April 20.
An social network post from crypto trader and independent analyst Rekt Capital suggested that the ongoing price action is part of a pre-halving retrace, which has seen BTC dip by 38% and 20% during the 2016 and 2020 halving cycles.
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