A widely followed crypto analyst shares what he calls a “cheat sheet” for reading Bitcoin (BTC) price movements as the next halving approaches.
Pseudonymous trader Rekt Capital Share a chart with his 351,800 followers on social media platform X suggesting that current BTC prices are within the expected range before the halving.
“The Bitcoin Halving Cheat Sheet”.
Source: Rekt Capital/X
According to the trader’s chart, BTC currently has some room to fall and would still remain in the expected range before the halving. The chart indicates that the trader expects prices not to move much initially after the halving, known as post-halving resistance, followed by a parabolic rally for BTC.
The next Bitcoin halving is expected to be in April 2024.
The halving is an event that occurs every four years when the reward for Bitcoin mining is cut in half. Generally, prices rise shortly after.
The merchant also takes time to address the possibility that BTC is forming a bearish fractal pattern on the price charts.
“If we have seen this bearish Bitcoin fractal before…
Maybe we could see it again?
According to the businessmanA bearish fractal could actually present a lucrative opportunity for BTC traders.
“Even if a bearish Bitcoin fractal is forming…
It may allow one of the last bargain buying opportunities before the halving in preparation for the post-halving parabola.”
BTC is worth $26,272 at the time of writing.
Looking at Litecoin (LTC), Rekt Capital says Litecoin is still finding its footing after its most recent halving.
“A short story…
Perfect image of rejection of the rally prior to the Halving in the Lower High
Followed by a deep setback
More downside is likely to follow from losing this green upper low as support.
LTC is likely still searching for its new accumulation range.”
Litecoin is trading at $63.76 at the time of writing, up 1.6% over the past week.
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Featured Image: Shutterstock/Sergey Nivens
source: dailyhodl.com
