Bitcoin halving cycle enters first phase, in line with analyst Rekt Capital’s predictions
As reported by CryptoPotato, according to analysis by analyst Rekt Capital, Bitcoin (BTC) is going through the first stage of the halving cycle and is consistent with analysts’ predictions. Rekt Capital said on Twitter that Bitcoin’s 18% retracement over the past few weeks was expected, as similar declines occurred before the second and third halvings. This suggests that BTC may repeat many of its previous events, including the post-halving rally, which would push the asset to new highs. The three phases of Bitcoin’s halving are the final pre-halving pullback, reaccumulation, and parabolic uptrend. The first phase usually occurs 28 to 14 days before the event and may last several weeks. The second phase begins after the correction bottoms out and can last up to five months, while the third phase can last more than a year. During the 2016 halving, the retracement was 38% and lasted four days. In 2020, the depth is 20% for eight weeks. Bitcoin is currently about 13 days away from its halving, and the asset has fallen about 18% in the past three weeks.
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