Analytics

Bitcoin Firmly in the Pre-Halving Rally Phase, According to Analyst – But There’s a Catch

A closely followed crypto analyst says that Bitcoin (BTC) is currently decisively in the midst of its pre-halving rally.

Pseudonymous crypto strategist Rekt Capital tells his 410,900 followers on the social media platform X that despite this, the top crypto asset by market cap could still see some dips along the way.

“Bitcoin is still firmly in its pre-halving rally phase but as is the case with pre-halving rallies – dips can happen. Bitcoin briefly dipped -14% yesterday. The best we can hope for are these dips, but be careful what you wish for – dips do happen.”

Source: Rekt Capital/X

The trader’s chart indicates that during the 2020 cycle, Bitcoin went through a post-halving slump before going parabolic – something that he predicts will happen again this year.

BTC’s next halving event is slated for April and will see miners’ rewards cut in half. The crypto king is trading for $67,200 at time of writing, a fractional increase during the last 24 hours.

Moving on to dog-themed digital asset Dogecoin (DOGE), Rekt Capital says that the popular memecoin has confirmed a new macro uptrend after successfully retesting its support level.

“DOGE has successfully retested the macro downtrend as new support. A successful retest after just breaking a macro downtrend means that a new macro uptrend has been fully confirmed.”

Source: Rekt Capital/X

The trader’s chart shows that Dogecoin could shoot past the $0.20 price tag before June. DOGE is trading for $0.153 at time of writing, a 2.5% increase during the last day.

Generated Image: DALLE3

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