Markets
A Cryptocurrency Trader Says Bitcoin’s Halving Isn’t Priced Yet Despite the Rush to New Highs – Here’s Why
A widely followed cryptocurrency analyst says markets have not yet fully adapted to Bitcoin’s recent halving, which has dramatically reduced Bitcoin Miners’ rewards are halved.
In a new video update, pseudonymous trader Rekt Capital tells its 77,000 YouTube subscribers that Bitcoin has historically triggered a parabolic rally after the halving.
But the trader notes that the actual pricing of the halving tends to occur a few months after the event.
“The Bitcoin halving is not a given. Historically, every time we have seen a halving, we have seen a phenomenal rally at this point in the cycle, where we have already seen new all-time highs but have been consolidating for a long time, then reaching again new historical highs it’s only a matter of time.
Of course, this is not on a logarithmic scale, so I don’t expect the price to reach $400,000 or whatever the case may be.
Historically, we tend to see a consolidation for over 150 days before finally seeing the breakout with a parabolic rally lasting several months. We are currently in a reaccumulation period again, so the fact that we are reaccumulating here, the longer the better, the more we stop and take a break here will be better for the uptrend that will inevitably follow later on.
Rekt Capital recently She said that Bitcoin was officially out of the “danger zone” where corrections have historically occurred during its market cycles. However, he said BTC may not trigger rallies to new all-time highs until around September of this year.
At the time of writing, Bitcoin is trading for $68,580.
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