Bitcoin

Rekt

<p>The post <a rel="nofollow" href="https://coinpedia.org/price-analysis/bitcoin-price-analysis-pre-halving-patterns-and-potential-support-levels/">Bitcoin Price Analysis: Pre-Halving Patterns and Potential Support Levels</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Analyst Rekt Capital recently gave an update about the Bitcoin price trends. The analyst opened up about a noticeable shift in the trend, and a&nbsp;key takeaway from the analysis is the potential support levels Bitcoin may encounter during its price journey.</p> 
<p>He mentioned a specific moving average, the 111-day moving average, which has recently been a crucial point of interest. The analyst highlights that historically, in the year preceding a Bitcoin halving event, the cryptocurrency has shown oscillation around this 111-day moving average.</p> 
<p>For instance, in 2015, a pre-halving year, Bitcoin experienced price fluctuations around this moving average before breaking above it, leading to a new bull market. The same pattern was observed in the year before the 2020 halving, showing a lot of downside volatility below the moving average.</p> 
<p>He then discussed the importance of this moving average in Bitcoin’s price history. It typically represents higher prices as time progresses. Therefore, the current moving average is approximately $28,000, but this level is not set in stone and may increase over time.</p> 
<p>The analyst then stresses that a retest of this moving average is likely as Bitcoin progresses through its market cycles. In the analyst’s view, a pullback to around $28,000 would be a possible retesting point. However, the specific level depends on when this pullback occurs and Bitcoin’s price action.</p> 
<p>The moving average, which was historically a resistance and supply zone, could potentially become a demand area and new support as Bitcoin evolves. In conclusion, the analysis suggests that Bitcoin’s price may oscillate around the 111-day moving average as the cryptocurrency continues its journey, with potential support levels around $28,000 or higher, depending on price developments.</p> 
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Bitcoin Price Analysis: Pre-Halving Patterns and Potential Support Levels

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