Bitcoin

Rekt

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoins-upcoming-halving-anticipating-market-movements/" data-wpel-link="internal">Bitcoin’s Upcoming Halving: Anticipating Market Movements</a> 
<a href="https://en.coin-turk.com/bitcoin-btc-price-update-can-bitcoin-sustain-its-strength-against-the-dollar/" data-wpel-link="internal">Bitcoin</a> is expected to experience a pullback during the block subsidy halving in April, but the exact timing remains uncertain. Popular investor and analyst Rekt Capital, in his latest YouTube video on February 20, forecasted a Bitcoin price movement that mirrors the 2016 and 2020 bull runs. 
<h2 class="p1" style="text-align: justify" id="why-is-bitcoin-declining">Why Is Bitcoin Declining?</h2> 
Bitcoin has been trading in a narrow corridor for over a week, with the $52,000 level acting as a resistance zone. This situation has negatively impacted both altcoin price performance and market sentiment, yet experienced market observers maintain their optimism. Rekt Capital analyzed previous all-time high studies and identified fundamental stages common to both bull market setups: 
<blockquote> 
 “Historically, breaking a macro downtrend always precedes the upward movement of the halving. This is followed by a pullback before the halving event, then a re-accumulation period after the halving, and finally a parabolic price movement towards all-time highs.” 
</blockquote> 
An accompanying graph shows the BTC/USD pair breaking its initial downward trend line but getting caught at a resistance zone it had previously formed. The breakout and subsequent retest as support, a pre-halving pullback stage, is notably missing so far in 2024. Data from TradingView confirms that the area of interest for a pre-halving pullback is around $45,000. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-318101 size-full" src="https://coin-turk.com/wp-content/uploads/2024/02/btc-aylik-1.webp" alt="" width="1534" height="849"> 
Previously, Rekt Capital concluded that the BTC/USD pair had fully entered its pre-halving rise and added that significant price events are arriving faster in this cycle compared to previous ones. 
<h2 class="p1" style="text-align: justify" id="prominent-analysts-offer-noteworthy-comments">Prominent Analysts Offer Noteworthy Comments</h2> 
Meanwhile, other analysts commenting on the current price movement see little reason for a downturn amidst the recent fluctuations. Caleb Franzen, founder of research platform Cubic Analytics, stated to his subscribers on February 22: 
<blockquote> 
 “Bitcoin is trading at the same price as 7 days ago. It has been trading between $50,600 and $53,000 for the last 7 days, but the lowest daily close was $51,600. I really don’t understand the panic or the victory laps of the bears.” 
</blockquote> 
Analyst Matthew Hyland agreed overall, highlighting the significance of the 0.618 Fibonacci retracement level just above $48,000 from the all-time high, and stated: 
<blockquote> 
 “If it drops below $49,000 the picture changes, but consolidation in an uptrend favors the continuation of the rise.” 
</blockquote> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoins-upcoming-halving-anticipating-market-movements/" data-wpel-link="internal">Bitcoin’s Upcoming Halving: Anticipating Market Movements</a></h5>

Bitcoin’s Upcoming Halving: Anticipating Market Movements

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