A renowned analyst in the cryptocurrency industry suggests that the market has yet to fully adapt to the recent halving of Bitcoin, which resulted in a 50% reduction in miners’ rewards.
In a newly released video update, the trader known as Rekt Capital, who has a substantial following of 77,000 subscribers on YouTube, explains that Bitcoin has historically experienced a parabolic surge after a halving event. However, he points out that the actual price adjustment due to the halving typically occurs a few months after the event itself.
“The Bitcoin halving has not yet been factored into the price. Throughout history, we have witnessed tremendous upward movement in the market following a halving. At this point in the cycle, we have already seen new record highs, but we have been consolidating for a significant period of time. Therefore, it is only a matter of time before we break to new all-time highs once again.
However, it is important to note that this projection is not based on the logarithmic scale, so I do not anticipate the price to skyrocket to $400,000 or any other extreme value. Historically, we have observed a consolidation phase of over 150 days before experiencing a breakout into a prolonged parabolic rally lasting several months. Currently, we are in another phase of re-accumulation, and the longer this phase lasts, the better it will be for the subsequent uptrend.”
Rekt Capital recently stated that Bitcoin has officially moved out of the “danger zone” where corrections typically occur during its market cycles. However, he believes that BTC may not trigger breakout rallies to new all-time highs until around September of this year.
As of now, Bitcoin is trading at $68,580.
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