BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\nFeatured image from Shutterstock, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"Bitcoin (BTC), the largest cryptocurrency in the market by trading volume and capitalization, has embarked on a renewed bullish uptrend, reclaiming previously lost territories and surpassing resistance levels, igniting optimism among investors.\u00a0 Currently trading just below its 25-month high of $49,000 at $47,900, Bitcoin has experienced a remarkable price increase of over 6% within 24 hours and a significant 11% surge over the past seven days.\u00a0 Mapping BTC\u2019s Path Amidst Pre-Halving Rally However, amidst the market’s excitement, it is crucial to consider historical tendencies and their potential impact on Bitcoin’s trajectory leading up to the upcoming halving event. Market expert and analyst Rekt Capital highlights two noteworthy historical patterns: Firstly, the “Pre-Halving Rally” phase appears to be commencing. This phase refers to a period where Bitcoin experiences a surge in price before the halving event takes place.\u00a0 Secondly, historical data reveals that Bitcoin has struggled to break beyond the macro diagonal resistance before the halving, which Rekt places at $47,000. Additionally, it has encountered difficulty surpassing its Four Year Cycle resistance, which is approximately $46,000 in the current cycle. It is worth noting that even though the price has surpassed these resistance levels, a consolidation or continuation of the uptrend must be seen, as a retracement could take place and leave the BTC price stuck between these resistances. Related Reading: Kraken Notifies XRP Holders Of Potential Benefits From Zakinov Case Given these historical trends, exploring how Bitcoin could potentially reconcile these patterns is interesting. Rekt Capital offers insights into one possible path that Bitcoin could take: During the pre-halving rally phase, Bitcoin may produce limited upside, resulting in an upside wick at the end of February. This pattern has been observed in previous months and 2019.\u00a0 Following this, Bitcoin might establish another range at higher price levels in March, potentially allowing altcoin rallies to take center stage. Finally, a few weeks before the halving event, Bitcoin could experience a pullback, creating a pre-halving retrace. This proposed path suggests that Bitcoin could surpass the Macro Diagonal resistance with an upside wick but remain below it in terms of end-of-month monthly candle closes during this gradually concluding pre-halving period. Bitcoin Bull Run Indicator Flashing Buy Signal Crypto analyst Ali Martinez has added to the growing bullish sentiment surrounding Bitcoin by highlighting a key indicator that suggests potential upside movement.\u00a0 According to Martinez, the Super Trend indicator flashed a buy signal on the BTC monthly chart. This tool is renowned for its precision in predicting bullish trends in Bitcoin markets. The indicator’s track record underscores the significance of this buy signal. Martinez points out that the Super Trend has issued four buy signals since Bitcoin’s inception, and all four have been validated, leading to substantial gains. These gains amount to an impressive 169,172%, 9,900%, 3,680%, and 828%, respectively. Related Reading: What Is Mantra (OM) And Why Is The Price Up Almost 100% In One Day? However, amidst the bullish outlook, Martinez also highlights a potential strategy that may soon impact Bitcoin’s price. According to the Bitcoin liquidation heatmap, a scenario is unfolding where liquidity hunters could drive the price of Bitcoin down to $45,810. The intention behind this move would be to trigger liquidations amounting to a substantial $54.73 million. It is important to understand that liquidity hunters aim to exploit price movements to trigger forced liquidations among overleveraged traders. By strategically driving the price down, they can force these traders to sell their positions, resulting in cascading liquidations that potentially amplify price downward movements. Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":574321,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,7561,6047,680,91282,682,1119,1144,8390,78790,6664,1558],"class_list":["post-574320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-4-hours-chart","tag-bitcoin-price-action","tag-bitcoin-price-analysis","tag-bitcoin-price-anaysis","tag-bitcoin-price-chart","tag-btc","tag-btcusd","tag-btcusd-price","tag-btcusdt","tag-crypto","tag-cryptocurrency"],"acf":[],"yoast_head":"\n
Can Bitcoin Overcome Past Trends? Examining The Pre-Halving Rally And Resistance Levels<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n