Bitcoin Primed To Rally Ahead of Halving, Predicts Crypto Analyst – But There’s a Catch

A well-known crypto analyst is providing an updated outlook on Bitcoin (BTC) and its potential rally leading up to the upcoming halving event. Rekt Capital, a pseudonymous crypto trader, suggests that Bitcoin is likely to follow a pattern similar to that of 2016, where it experienced a rally before the halving. However, the trader cautions that Bitcoin could experience a downturn in the short term as it remains within a re-accumulation range. Despite this, the trader believes that if history repeats itself, Bitcoin may reach around $50,000 before the halving. The trader also warns that there is a possibility of Bitcoin dipping to the $38,000 level in the next two weeks. Nevertheless, the trader suggests that as long as the re-accumulation range holds, Bitcoin is likely to continue its upward trajectory leading into the halving event. The trader’s worst-case scenario for a Bitcoin dip this cycle is around $32,000. Currently, Bitcoin is priced at $42,938.