Crypto analyst Rekt Capital highlights Bitcoin’s historical pre-halving retracements, noting declines of -20% in 2020 and -40% in 2016. This pattern of significant market corrections has sparked discussions about the likelihood of similar trends in the current cycle. However, skepticism arises as Bitcoin experienced a -14% pullback just last week, following an -18% drop in January. These movements challenge the belief that a pre-halving retrace may not occur this time around.
Moreover, the recent fluctuations in Bitcoin’s value add complexity to predictions about its pre-halving behavior. Additionally, the market’s response to these adjustments continues to be a subject of intense scrutiny. The uncertainty fuels a broader debate among investors and analysts alike.
However, according to analyst Washigorira, Bitcoin has successfully navigated past the critical Golden Ratio Multiplier’s red threshold. This accomplishment paves the way for its trajectory toward the next significant milestone, represented by the purple line. Bitcoin’s momentum appears unwavering as it advances.
Bitcoin’s recent achievement signals a promising phase. It has not only crossed a crucial benchmark but also ignited speculation about reaching new peaks. The market’s response underscores a keen interest in Bitcoin’s potential path forward. The current market trend reflects a solid foundation for Bitcoin’s continued ascent.
Looking at Bitcoin’s current market performance, BTC is trading in the negative territory as the bearish activity takes hold. BTC has been consolidating above the $72k level after facing stiff resistance at the 74k level. As of this writing, BTC is exchanging hands at $72,722, down by 0.52% in the past 24 hours.
Over the past week, BTC has gained 8%, climbing from the $66k to $73k level, while the monthly gain stands at 41%. The market capitalization has been on the decline today, dropping to $1.4 trillion. At the same time, the trading volume has seen a significant drop of 30%, standing at $44 billion, indicating a presence of selling pressure in the market.
