Rally

Bitcoin

Resistance

Rekt

Bitcoin (BTC), the largest cryptocurrency in the market by trading volume and capitalization, has embarked on a renewed<a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-above-44000/" target="_blank" rel="noopener "> bullish uptrend</a>, reclaiming previously lost territories and surpassing resistance levels, igniting optimism among investors.&nbsp; 
Currently trading just below its 25-month high of $49,000 at $47,900, Bitcoin has experienced a remarkable price increase of over 6% within 24 hours and a significant 11% surge over the past seven days.&nbsp; 
<h2 id="mapping-btc-s-path-amidst-pre-halving-rally">Mapping BTC’s Path Amidst Pre-Halving Rally</h2> 
However, amidst the market’s excitement, it is crucial to consider historical tendencies and their potential impact on Bitcoin’s trajectory leading up to the upcoming halving event. Market expert and analyst Rekt Capital <a href="https://x.com/rektcapital/status/1756003859451768882?s=20" target="_blank" rel="noopener nofollow">highlights </a>two noteworthy historical patterns: 
Firstly, the “Pre-Halving Rally” phase appears to be commencing. This phase refers to a period where Bitcoin experiences a surge in price before the <a href="https://www.newsbtc.com/news/bitcoin/analyst-predicts-bitcoin-rally-to-45000-before-pullback/" target="_blank" rel="noopener ">halving event </a>takes place.&nbsp; 
Secondly, historical data reveals that Bitcoin has struggled to break beyond the macro diagonal resistance before the halving, which Rekt places at $47,000. Additionally, it has encountered difficulty surpassing its Four Year Cycle resistance, which is approximately $46,000 in the current cycle. 
It is worth noting that even though the price has surpassed these resistance levels, a consolidation or continuation of the uptrend must be seen, as a <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-targets-55000-bull-pennant/" target="_blank" rel="noopener ">retracement </a>could take place and leave the BTC price stuck between these resistances. 
<img loading="lazy" decoding="async" class="size-large wp-image-574323" src="https://www.newsbtc.com/wp-content/uploads/2024/02/GF6ShWCXgAAj620.jpeg?w=860&amp;resize=860%2C626" alt="Bitcoin " width="860" height="626" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/GF6ShWCXgAAj620.jpeg?w=1858 1858w, https://www.newsbtc.com/wp-content/uploads/2024/02/GF6ShWCXgAAj620.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/GF6ShWCXgAAj620.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/GF6ShWCXgAAj620.jpeg?w=860&amp;resize=860%2C626 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/GF6ShWCXgAAj620.jpeg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/GF6ShWCXgAAj620.jpeg?w=120 120w, https://www.newsbtc.com/wp-content/uploads/2024/02/GF6ShWCXgAAj620.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/GF6ShWCXgAAj620.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Given these historical trends, exploring how Bitcoin could potentially reconcile these patterns is interesting. Rekt Capital offers insights into one possible path that Bitcoin could take: 
During the pre-halving rally phase, Bitcoin may produce limited upside, resulting in an upside wick at the end of February. This pattern has been observed in previous months and 2019.&nbsp; 
Following this, Bitcoin might establish another <a href="https://www.newsbtc.com/news/bitcoin-nears-45000-level-in-historic-price-surge-following-spot-etf-debut/" target="_blank" rel="noopener ">range </a>at higher price levels in March, potentially allowing altcoin rallies to take center stage. Finally, a few weeks before the halving event, Bitcoin could experience a pullback, creating a pre-halving retrace. 
This proposed path suggests that Bitcoin could surpass the Macro Diagonal resistance with an upside wick but remain below it in terms of end-of-month monthly candle closes during this gradually concluding pre-halving period. 
<h2 id="bitcoin-bull-run-indicator-flashing-buy-signal">Bitcoin Bull Run Indicator Flashing Buy Signal</h2> 
Crypto analyst Ali Martinez has added to the growing bullish sentiment surrounding Bitcoin by highlighting a key indicator that suggests potential upside movement.&nbsp; 
<a href="https://x.com/ali_charts/status/1755693199627018519?s=20" target="_blank" rel="noopener nofollow">According </a>to Martinez, the Super Trend indicator flashed a buy signal on the BTC monthly chart. This tool is renowned for its precision in predicting bullish trends in Bitcoin markets. 
The indicator’s track record underscores the significance of this buy signal. Martinez points out that the Super Trend has issued four buy signals since Bitcoin’s inception, and all four have been validated, leading to substantial gains. These gains amount to an impressive 169,172%, 9,900%, 3,680%, and 828%, respectively. 
<img loading="lazy" decoding="async" class="size-large wp-image-574322" src="https://www.newsbtc.com/wp-content/uploads/2024/02/GF13-r7XQAErjsw.jpeg?w=860&amp;resize=860%2C440" alt="Bitcoin " width="860" height="440" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/GF13-r7XQAErjsw.jpeg?w=2837 2837w, https://www.newsbtc.com/wp-content/uploads/2024/02/GF13-r7XQAErjsw.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/GF13-r7XQAErjsw.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/GF13-r7XQAErjsw.jpeg?w=860&amp;resize=860%2C440 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/GF13-r7XQAErjsw.jpeg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/GF13-r7XQAErjsw.jpeg?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/02/GF13-r7XQAErjsw.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/GF13-r7XQAErjsw.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
However, amidst the bullish outlook, Martinez also highlights a potential strategy that may soon impact Bitcoin’s price. 
<a href="https://x.com/ali_charts/status/1755937824409309231?s=20" target="_blank" rel="noopener nofollow">According </a>to the Bitcoin liquidation heatmap, a scenario is unfolding where liquidity hunters could drive the price of Bitcoin down to $45,810. The intention behind this move would be to trigger liquidations amounting to a substantial $54.73 million. 
It is important to understand that liquidity hunters aim to exploit price movements to trigger forced liquidations among overleveraged traders. By strategically <a href="https://www.newsbtc.com/bitcoin-news/bitmex-co-founder-bitcoin-forecast-btc-to-reach-1-million-amid-banking-turmoil/" target="_blank" rel="noopener ">driving the price down</a>, they can force these traders to sell their positions, resulting in cascading liquidations that potentially amplify price downward movements. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/XO5eNidp/" alt="Bitcoin " width="1814" height="858"> 
Featured image from Shutterstock, chart from TradingView.com&nbsp;

Can Bitcoin Overcome Past Trends? Examining The Pre-Halving Rally And Resistance Levels

Table of Contents

NewsBTC

Other articles published on Feb 10, 2024

Scammers Exploit AI to Peddle Fake Super Bowl Tickets

Justin Sun Announces Major Burn of Huobi Token (HT)

Ex-Ripple Director Teases Big News: XMR Tanks on Binance Delisting As Traders Turn To KangaMoon (...

European Commission seeks input on AI misinformation guidelines for elections

Mike Novogratz Reacts to Hilary Clinton’s Bitcoin (BTC) Statement

Celestia Altcoin’s Market Surge Reaches New Heights

Join our free newsletter for daily crypto updates!