Bitcoin’s Rally May Continue Uninterrupted, Says Analyst

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Cryptodnes2024/11/12 16:33

By:Cryptodnes

A popular crypto analyst believes Bitcoin could be entering a period of sustained growth, with little chance of significant pullbacks in the near future.

Pseudonymous analyst Rekt Capital shared with his nearly that Bitcoin’s current rally may continue uninterrupted for the next few weeks.

At the time of writing, Bitcoin is trading just under $85,000, having surged by nearly $20,000 in less than a month. Rekt Capital pointed out that historical patterns suggest that the price may not experience any major downturn for several weeks, as the initial phase of a new price discovery cycle typically sees consistent upward momentum.

#BTC

Bitcoin bottomed 547 days prior to the 2016 Halving but topped in its Bull Market 518 days after the 2016 Halving

Bitcoin bottomed 517 days prior to the 2020 Halving but topped in its Bull Market 549 days after the 2020 Halving

Bitcoin bottomed 517 days before the 2024… pic.twitter.com/QUGuDFUjXv

— Rekt Capital (@rektcapital) November 11, 2024

Rekt also referenced Bitcoin’s historical performance around halving events, which occur when miner rewards are reduced.

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He noted that previous cycles have shown that Bitcoin tends to hit a market peak about 549 days after a halving event, which would suggest a potential bull market peak around October 2025, following the 2024 halving.

The analyst concluded that, based on past trends, Bitcoin’s best rally may still be ahead.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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