{"id":574635,"date":"2024-02-12T12:30:49","date_gmt":"2024-02-12T12:30:49","guid":{"rendered":"https:\/\/wncen.com\/?p=574635"},"modified":"2024-06-11T07:24:52","modified_gmt":"2024-06-11T07:24:52","slug":"bitcoin-bears-brewing-analyst-predicts-a-pullback-before-halving","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bears-brewing-analyst-predicts-a-pullback-before-halving\/","title":{"rendered":"Bitcoin Bears Brewing: Analyst Predicts A Pullback Before Halving"},"content":{"rendered":"

Rekt Capital, a well-known cryptocurrency analyst and enthusiast, has offered insights on Bitcoin’s price action ahead of the upcoming BTC Halving event<\/a><\/span>.<\/span><\/p>\n

One Final Retracement For Bitcoin Before Halving?<\/span><\/h2>\n

The crypto expert took to the social media platform X to <\/span>share<\/span><\/a> his perception with his nearly 400,000 followers. Rekt believes Bitcoin is poised for a significant retracement before the impending BTC halving.<\/span><\/p>\n

Related Reading: Bitcoin Halving Prep: Analyst Outlines Key Points Ahead Of Event<\/a><\/div>\n

According to the analyst, the retracement will be Bitcoin’s “last correction before the halving event.” He further highlighted that, due to historical patterns, the pullback is anticipated to occur in late March or April 2024.<\/span><\/p>\n

In response, a pseudonymous user curiously asked the expert if he could address the pre-halving rally phase in his next newsletter. He added, “Of course, we are unable to have both play out, as we are currently above the 8 resistance line.”\u00a0<\/span><\/p>\n

He further noted that a new pattern might be formed if <\/span>Bitcoin<\/span><\/a> ends the month above the diagonal. “Monthly Close above the diagonal would be the first in history in a pre-halving period,” he stated.<\/span><\/p>\n

So far, the cryptocurrency community is excited about the upcoming Bitcoin Halving event. This is because Bitcoin Halvings are seen as a bullish occurrence that drives up the price of BTC significantly.<\/span><\/p>\n

Notably, the event occurs approximately every four years. It aims to maintain BTC’s scarcity and value while controlling inflation by decreasing the rate at which miners in the network create new BTC units.<\/span><\/p>\n

The miners<\/a>‘ block reward will drop from 6.25 BTC to 3.125 BTC during the next halving. Additionally, the event is anticipated to occur in April 2024 after the number of blocks reaches 840,000.<\/span><\/p>\n

Bullish Overview Of The Digital Asset<\/span><\/h2>\n

Despite the potential pullback pre-halving, several crypto enthusiasts are still bullish about the leading cryptocurrency asset on low timeframes. Ali Martinez, a cryptocurrency expert, recently <\/span>shared<\/span><\/a> an optimistic prediction for BTC to tackle skepticism around the token.<\/span><\/p>\n

Related Reading: BitMEX Co-Founder Bitcoin Forecast: BTC To Reach $1 Million Amid Banking Turmoil<\/a><\/div>\n

Ali Martinez highlighted that BTC boasts robust support levels that could surpass resistance. Due to this, he has predicted a possible rise in <\/span>BTC’s price<\/span><\/a> to the $57,000 price mark.\u00a0<\/span>However, he believes that Bitcoin will undergo a correction before reaching the aforementioned price mark.<\/span><\/p>\n

\"Bitcoin\"
BTC resistance level to reach $57,000 | Source Ali_charts on X<\/a><\/figcaption><\/figure>\n

Currently, Bitcoin is sitting at $47,886, recording an increase of over 11% in the past 7 days. CoinMarketCap shows that the token’s trading volume is up by 4%, while its market cap is down by 0.53%.<\/span><\/p>\n

\"Bitcoin\"
BTC trading at $47,960 on the 1D chart | Source: BTCUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image from iStock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Rekt Capital, a well-known cryptocurrency analyst and enthusiast, has offered insights on Bitcoin’s price action ahead of the upcoming BTC Halving event. One Final Retracement For Bitcoin Before Halving? The crypto expert took to the social media platform X to share his perception with his nearly 400,000 followers. Rekt believes Bitcoin is poised for a significant retracement before the impending BTC halving. Related Reading: Bitcoin Halving Prep: Analyst Outlines Key Points Ahead Of Event According to the analyst, the retracement will be Bitcoin’s “last correction before the halving event.” He further highlighted that, due to historical patterns, the pullback is anticipated to occur in late March or April 2024. In response, a pseudonymous user curiously asked the expert if he could address the pre-halving rally phase in his next newsletter. He added, “Of course, we are unable to have both play out, as we are currently above the 8 resistance line.”\u00a0 He further noted that a new pattern might be formed if Bitcoin ends the month above the diagonal. “Monthly Close above the diagonal would be the first in history in a pre-halving period,” he stated. So far, the cryptocurrency community is excited about the upcoming Bitcoin Halving event. This is because Bitcoin Halvings are seen as a bullish occurrence that drives up the price of BTC significantly. Notably, the event occurs approximately every four years. It aims to maintain BTC’s scarcity and value while controlling inflation by decreasing the rate at which miners in the network create new BTC units. The miners‘ block reward will drop from 6.25 BTC to 3.125 BTC during the next halving. Additionally, the event is anticipated to occur in April 2024 after the number of blocks reaches 840,000. Bullish Overview Of The Digital Asset Despite the potential pullback pre-halving, several crypto enthusiasts are still bullish about the leading cryptocurrency asset on low timeframes. Ali Martinez, a cryptocurrency expert, recently shared an optimistic prediction for BTC to tackle skepticism around the token. Related Reading: BitMEX Co-Founder Bitcoin Forecast: BTC To Reach $1 Million Amid Banking Turmoil Ali Martinez highlighted that BTC boasts robust support levels that could surpass resistance. Due to this, he has predicted a possible rise in BTC’s price to the $57,000 price mark.\u00a0However, he believes that Bitcoin will undergo a correction before reaching the aforementioned price mark. Currently, Bitcoin is sitting at $47,886, recording an increase of over 11% in the past 7 days. CoinMarketCap shows that the token’s trading volume is up by 4%, while its market cap is down by 0.53%. Featured image from iStock, chart from Tradingview.com<\/p>\n","protected":false},"author":608,"featured_media":565555,"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":[87818,428,8856,1119,1144,78790,10995,91635],"class_list":["post-574635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ali-martinez","tag-bitcoin","tag-bitcoin-halving","tag-btc","tag-btcusd","tag-btcusdt","tag-coinmarketcap","tag-rektcapital"],"acf":[],"yoast_head":"\nBitcoin Bears Brewing: Analyst Predicts A Pullback Before Halving<\/title>\n<meta name=\"description\" content=\"Rekt Capital, a cryptocurrency analyst has offered his insights on the price action of Bitcoin ahead of the upcoming BTC Halving event.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life. My parents are literally the backbone of my story. They\u2019ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won\u2019t trade them for anything else in this world. I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments. When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency. Trust me, I\u2019ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that\u2019s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets. My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies. Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is. One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others. I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams. I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I\u2019m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top. I aspire to be a boss someday, having people work under me just as I\u2019ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.","sameAs":["https:\/\/x.com\/NFTwerey"],"url":"https:\/\/wncen.com\/author\/godspowerowie\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Bears Brewing: Analyst Predicts A Pullback Before Halving","url":"http:\/\/wncen.com\/news\/bitcoin-bears-brewing-analyst-predicts-a-pullback-before-halving\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-bears-brewing-analyst-predicts-a-pullback-before-halving\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/iStock-1248674191.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/iStock-1248674191.jpg?fit=2120%2C1415"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Godspower Owie"}],"creator":["Godspower Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ali martinez","bitcoin","bitcoin halving","btc","btcusd","btcusdt","coinmarketcap","rektcapital"],"dateCreated":"2024-02-12T12:30:49Z","datePublished":"2024-02-12T12:30:49Z","dateModified":"2024-06-11T07:24:52Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Bears Brewing: Analyst Predicts A Pullback Before Halving\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bears-brewing-analyst-predicts-a-pullback-before-halving\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bears-brewing-analyst-predicts-a-pullback-before-halving\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/iStock-1248674191.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/iStock-1248674191.jpg?fit=2120%2C1415\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Godspower Owie\"}],\"creator\":[\"Godspower Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ali martinez\",\"bitcoin\",\"bitcoin halving\",\"btc\",\"btcusd\",\"btcusdt\",\"coinmarketcap\",\"rektcapital\"],\"dateCreated\":\"2024-02-12T12:30:49Z\",\"datePublished\":\"2024-02-12T12:30:49Z\",\"dateModified\":\"2024-06-11T07:24:52Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/iStock-1248674191.jpg?fit=2120%2C1415","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/574635","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/608"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=574635"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/574635\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/565555"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=574635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=574635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=574635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}