• 09 October, 2024
News

Analyst Reveals BTC’s Halving Game Plan: Five Stages to Watch for in 2024

Analyst Reveals BTC’s Halving Game Plan: Five Stages to Watch for in 2024

Bitcoin, the world’s premier cryptocurrency, has always been influenced by key events known as “halvings.” As the market nears the anticipated 2024 Bitcoin Halving, renowned crypto trader and analyst from the X platform Rekt Capital offers a detailed breakdown of the impact in five phases. 

According to the analyst, approximately half a year before the Bitcoin Halving event, the crypto market often witnessed considerable activity. Historically, this period, termed by Rekt Capital as the ‘Pre-Halving period,’ is characterized by deeper retraces. For savvy investors, these retraces have yielded impressive returns in the months succeeding the Halving.

The excitement truly begins about two months before the Halving. This period, known as the ‘Pre-Halving rally,’ sees investors “Buying the Hype.” The hope is to capitalize on the buzz and possibly “Sell the News” as the halving event nears.

However, as history reminds, just around the Halving event, there’s often a significant dip. Termed the ‘Pre-Halving retrace,’ this decline ranged from 20% in 2020 to 38% in 2016. Such retraces tend to leave many questioning the bullish potential of the Halving.

Following the dip mentioned above, there’s a quieter ‘Re-Accumulation’ phase. Lasting several months, this phase witnesses many investors, possibly disheartened or simply impatient, exiting the market. The lack of immediate post-halving results often triggers this sentiment.

After the dust of re-accumulation settles, Bitcoin historically embarks on its most impressive journey, breaking out into a ‘Parabolic Uptrend.’ It is in this phase that Bitcoin speeds toward, and often beyond, its previous All-Time Highs, indicating a period of rapid growth.

As of today, Bitcoin stands at a commendable price of $34,536.39. With a trading volume surpassing $14 billion in the last 24 hours, Bitcoin has experienced a 1.08% surge. Undoubtedly the king of the crypto realm, Bitcoin proudly claims the #1 spot on CoinMarketCap, boasting a market cap of over $674 billion.

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