A closely followed crypto analyst says that Bitcoin (BTC) has now moved into bullish territory as the halving approaches.
Pseudonymous analyst Rekt Capital tells his 397,000 followers on the social media platform X that Bitcoin has entered a “pre-halving rally phase.”
According to the trader, Bitcoin’s bull markets can be broken up into three main chapters: the pre-halving rally, the post-halving resistance and the post-halving parabola. He says BTC has officially kicked off the first phase.
“Time has run out.
Bitcoin has already transitioned into the pre-halving rally phase.”
Rekt also takes a look at the Pi Cycle Top indicator, which focuses on a 111-day moving average (DMA) and a multiple of the 350-day moving average.
According to the analyst, the indicator’s 111 DMA, which acts as support in bull runs, is hinting that a market cycle top is coming around October of this year. However, he notes that a market top could come at a later date if BTC corrects before the April halving, when miners’ rewards are cut in half.
“When it comes to the orange moving average, it holds as a support. Same thing in the halving year of 2020, and we’re now in the halving year as well, 2024, and just look what’s going on with this orange moving average right now. It’s holding as a support and it’s this retesting that’s going to offer bargain buying opportunities.
So we know that the 111-day moving average is an important moving average and as long as we don’t get a sizeable correction, and if we propagate these two moving averages into the future, that means we’d get a bull market top around October.
But around the pre-halving retrace is when we tend to see corrections in Bitcoin’s price action so a correction in that period is probably going to tilt this Pi Cycle moving average a little bit lower, and that’s also going to mean that this moving average propagated here is going to be tilted a little bit to the downside which mean we will see the bull market peak occur at a much later date.”
At time of writing, BTC is trading at $48,119.
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