Bitcoin Surges 35% as ATH Becomes Achievable
• Bitcoin (BTC) is currently trading at $27,390.15 after surging by 4.8 percent in the last 24 hours and 35 percent in the last seven days.
• Crypto analyst Rekt Capital believes that Bitcoin follows structured events that repeat patterns, where it usually records an all-time high after each halving, then forms lows before another halving occurs.
• The 2024 halving is 396 days away and could lead to a price surge of 234-316%, according to Rekt’s analysis of the 2012 and 2016 halvings.
Analysis: What To Expect From BTC as April 2024 Halving Nears
Repeating Patterns Before Halvings
Crypto analyst and trader Rekt Capital believes that the market only went through its normal cycle before the upcoming 2024 halving. According to him, Bitcoin follows structured events that repeat patterns – where it usually records an all-time high after each halving, then pulls back to form lows per a macro downtrend until another halving occurs. This pattern has played out successfully twice in a row before – with lows in 2015 for 366 days before the 2016 halving; and lows in 2019 for 399 days before the 2020 halving.
Upside Potential Ahead of Halvings
Rekt also observed that these price floors are usually followed by a rally as the event draws near. Candle 3 in 2015 saw a 234 percent price surge; while candle 3 in 2019 saw a 316 percent surge – suggesting that this year could generate some decent upside ahead of April 2024’s halving event. Historically speaking, Bitcoin has surged by 12,000-13,000 percent after each of its two previous major halvings – 513 days for its 2012 event; 1068 days for its 2016 event.
Halvings As Important Catalyst For Bull Runs
Bitcoin’s previous major halvings have proven to be important catalysts that prepare markets for new bull runs. In preparation for such an event this time around, crypto traders should be watching BTC closely over the coming months leading up to April 2024 – looking out for potential upticks or dips along the way which may signal further upside or downside movements respectively.
Conclusion: Anticipating The Upcoming Halving Event
It appears likely that more bullish momentum will continue building up towards April 2024’s upcoming Bitcoin halvening – with some potential pullbacks expected during this period as well given past patterns seen prior to previous major events like this one. Traders should be aware of such trends when making their investment decisions going forward so as not to be caught off guard by any unexpected moves from BTC over these next few months leading up to what is sure to be an exciting period ahead!