‘No Time to Waste’: Crypto Analyst Believes Bitcoin Entering Exciting Rally Phase – Here’s What He Means
A renowned crypto analyst has indicated that Bitcoin (BTC) has now entered a bullish phase as the highly anticipated halving event approaches. Rekt Capital, a pseudonymous analyst with a significant following on social media, has announced to his 397,000 X platform followers that Bitcoin has officially kicked off a “pre-halving rally phase.”
According to the analyst, Bitcoin’s bull markets typically unfold in three key stages: the pre-halving rally, post-halving resistance, and post-halving parabola. Rekt Capital asserts that BTC has already commenced the first phase, suggesting that “time has run out” for those who have been patiently waiting.
Additionally, Rekt Capital explores the Pi Cycle Top indicator, which centers around a 111-day moving average (DMA) and a multiple of the 350-day moving average. The analyst highlights that the 111 DMA, often acting as support during bullish periods, appears to indicate a market cycle top may occur around October 2021. However, there is a possibility that this top could be delayed if BTC experiences a correction before the halving, scheduled for April.
“The orange moving average has proven to be reliable support during the halving year of 2020, and it is performing the same role in 2024. This retesting phase offers excellent buying opportunities. As long as there is no significant correction, and if we project these moving averages into the future, a bull market top should materialize around October. However, it is common to witness corrections in Bitcoin’s price action around the pre-halving retrace, which may slightly alter the Pi Cycle moving average downward. Consequently, the bull market peak may occur at a later date.”
As of now, BTC is valued at $48,119.
Sources: Rekt Capital/X, Midjourney-generated image