A widely followed crypto analyst is taking a closer look at the Bitcoin (BTC) halving phase.
Every four years, BTC rewards to miners are cut in half, an event known as a halving.
BTC's most recent halving occurred exactly one week ago on April 19th. In the seven days since then, BTC price has remained largely unchanged.
According to a pseudonymous crypto trader: Recto Capital, we are still in the first of three phases of half-life. First, there is a transition period where BTC exists today, followed by a period of re-accumulation and a parabolic rise.
“The transition phase consists of three subphases.
- 1a) “Danger zone” (orange) before half-life
- 1b) Final retrace before half-life (dark blue circle)
- 1c) “Danger zone” (purple) after half-life
In a lengthy post, the analyst told his 456,600 followers on social media platform X that Bitcoin is in the “danger zone”, especially after the halving.
“If this 2016 history repeats itself in 2024, Bitcoin could see one final pullback in the next two weeks.”
The pre-halving “danger zone” (orange), the final retrace before the halving, and the post-halving “danger zone” (purple) all set up the next major stages of the Bitcoin halving cycle…”
According to the cryptocurrency analyst, the next step, the re-accumulation phase, could last up to 150 days, or about five months.
However, traders can see light at the end of the tunnel, a parabolic upside phase.
“Once Bitcoin breaks out of the reaccumulation region, it will enter a parabolic uptrend (green).”
At this stage, Bitcoin will experience accelerated growth into a parabolic uptrend
Historically, this phase lasted just over a year (approximately 385 days), but this number could be halved in this market cycle, as an acceleration cycle may now be occurring. ”
At the time of writing, BTC was valued at $63,529, down 1.5% over the past seven days.
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