Bitcoin’s pre-halving ‘return’ call calls for a $45K BTC price retest
Bitcoin (BTC) is “bouncing back” around the next block subsidy halving, but the timing is unclear.
In his latest YouTube video on February 20th, renowned trader and analyst Rect Capital predicted BTC price action by recording the 2016 and 2020 bull runs.
Bitcoin analyst predicts 2024 “pre-half rebound”
Bitcoin has spent more than a week in a narrow corridor, with $52,000 acting as a protective zone.
This on the sentiment – and also the altcoin price performance – seasoned market observers are disappointed.
Rect Capital analyzed the previous runs to the highs and identified key levels common to both bull market setups.
“In the past, the macro bearish break precedes the halving.
“Then we have a pre-half trip and then a post-half regrouping period and then a move to a new all-time high.”
The accompanying chart shows that BTC/USD has broken the first downward trend line, holding within the previously established resistance zone. A breakout and subsequent retest as support — a “pre-half retreat” level — in 2024 is still missing.
“We're going to have the same thing in this cycle,” Rect Capital continued.
Data from Cointelegraph Markets Pro and TradingView confirm that a return to the pre-halving zone of interest is around $45,000.
“The question is, ‘Are we going to test this opposition again this month in the pre-half?' Because notice how we can't do that in pre-intervals,” he asked.
Earlier, Rect Capital stated that BTC/USD has fully entered the half-term, adding that now key price events are coming faster than before.
BTC price levels below $50,000 will be of interest
Commenting on the current price action, on the other hand, they see no reason to change their sentiment in the market amid other range-bound movements.
Related: Why Is Bitcoin Price Down Today?
“Bitcoin is trading at the same price it was 7 days ago,” Caleb Franzen, founder of research platform Cubic Analytics, told subscribers on X (formerly Twitter) on February 22.
It has fluctuated between $50.6k and $53k for the past 7 days, but the lowest daily close was $51.6k (which is where it is trading now.) I don't really understand the panic or the bearish rally.”
Responding, analyst Matthew Hyland broadly agreed, citing the importance of the 0.618 Fibonacci retracement level above the all-time high of $48,000.
“If $49k is crossed, the picture will change, but consolidation on the upside will help the uptrend continue,” he warned.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
