When the return reaches 18%, Bitcoin is set to enter a long rally

Bitcoin hit $60,000 in late trading on April 17, an 18% retreat from $73,737 on March 14.

Corrections are part of healthy market cycles, and analysts agree that the halving may not be over yet, even if it's just days away.

On April 17, trader and analyst ‘Rekt Capital' highlighted three market levels around the halfway point, predicting a rally.

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Bitcoin regrouping phase

Bitcoin made two 18% rallies before halving in just over a month, the analyst said.

“This downside is normal,” he said before comparing this cycle to previous ones. In the year In 2016, the pre-half frequency was 38% deep, and in 2020, it was 19% deep.

Now that the correction may be coming to an end, the markets will enter a phase of regrouping after the halving.

At this level, Bitcoin forms a lower range and moves sideways, going to half and above. However, the regrouping phase has historically lasted several months.

Following the halving events of 2016 and 2020, Bitcoin has traded sideways for about five months, so if history is anything to go by, markets may remain at high $50k levels with a range around October this year.

“Many investors at this stage are left reeling after the halving due to boredom, impatience and frustration with not seeing significant results in their BTC investments.”

#BTC

3 Half levels of Bitcoin

1. Final pre-half return

Bitcoin made two -18% retracements before Halving in just over a month.

BTC pulled back -18% before recovering to $70000 in mid-March and now BTC is back -18% again in mid-April

This… pic.twitter.com/2BKBQXpPOV

— Rekt Capital (@rektcapital) April 17, 2024

On April 18, Sentiment, an analyst firm on the chain, reported that social sentiment was sinking.

“According to the crypto crowd, the bull market has basically come to an end” following Bitcoin's all-time high correction. Additionally, he said, “Historically, prices tend to move in the opposite direction to the demand of wholesale traders,” before adding that the mention of a bear market is on the rise.

Elsewhere on Crypto Markets

Bitcoin fell to $60,000 in late trading on Wednesday, but recovered to $62,000 in Thursday morning's Asian trading session.

Ethereum once again missed the $3,000 level but recovered slightly to reach $3,027 at the time of writing.

The altcoins were mostly in the red, Dogecoin with big losses, Toncoin, and Polygon.