đđđ âTime Has Run Outâ: Crypto Analyst Says Bitcoin Moving Into Rally Phase â Hereâs What He Means
A renowned crypto analyst suggests that Bitcoin ($BTC ) has entered a bullish phase as the halving event approaches.
Rekt Capital, a pseudonymous analyst with a substantial following on the social media platform X, asserts that Bitcoin is now in a "pre-halving rally phase." He divides Bitcoin's #Bull markets into three stages: the pre-halving rally, post-halving resistance, and post-halving parabola, indicating that BTC has initiated the first phase.
Rekt Capital also examines the Pi Cycle Top indicator, which focuses on a 111-day moving average (DMA) and a multiple of the 350-day moving average. He highlights that the indicator's 111 DMA, typically acting as support during bull runs, suggests a market cycle top around October this year. However, he notes that if BTC undergoes a correction before the April halving, the market top might occur later.
The analyst emphasizes the significance of the orange moving average, which historically serves as support during halving years. He suggests that if BTC experiences a substantial correction, the #PI Cycle moving average might adjust, potentially delaying the bull market peak.
Currently, BTC is trading at $48,119.
Source - dailyhodl.com
