The Pre-Halving Downside phase is officially over It ended with this week's new Weekly Candle Close Bitcoin has now officially transitioned into the Pre Halving Rally phase
2. Pre-Halving Rally
Approximately 63 days remain until the Bitcoin Halving in April 2024 And ~60 days before the Halving, a Pre-Halving rally tends to occur (light blue) With the recent Bitcoin breakout, it appears Bitcoin is even slightly ahead of schedule In anticipation of the Halving, investors "Buy the Hype" in an effort to "Sell the News"
Short-term traders and speculators "Buy The Hype" several weeks before the Halving in anticipation of making a profit from this hype-fuelled rally
Then these speculators "Sell The News" to realise that profit, contributing to a Pre-Halving retrace which occurs only a handful of weeks before the Halving event itself
3. Pre-Halving Retrace
After the Pre-Halving Rally has concluded... A Pre-Halving retrace tends to occur a couple of weeks before the Halving event itself (dark blue circle) In 2016, this Pre-Halving retrace was -38% deep In 2020, this Pre-Halving retrace was -20% deep This Pre-Halving retrace can last multiple weeks, making investors question whether the Halving was a bullish catalyst on price after all
4. Re-Accumulation
The Pre-Halving retrace is followed by multi-month re-accumulation (red) This period can last up to 150 days (i.e 5 months) Many investors get shaken-out in this stage due to boredom, impatience, and disappointment with lack of major results in their BTC investment in the immediate aftermath of the Halving
5. Parabolic Uptrend
Once Bitcoin breaks out from the re-accumulation area breakout into the parabolic uptrend (green) It is during this phase Bitcoin experiences accelerated growth on its way to new All Time Highs
SOURCE: REKT CAPITAL ON X
$BTC
#Crypto #Bitcoin #bitcoinhalving
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