Leading crypto analyst Rekt Capital said: Bitcoin He is of the opinion that it may start a pre-halving rally within the next week. Signals for miners to enter the pre-halving period, when new BTC production is halved, are based on historical data, according to the analyst. The next halving, which will take place in April, is marked as the period when Bitcoin transitions from a pre-halving retreat to a rally. According to Rekt Capital, if past data is any indication, Bitcoin is likely to begin its pre-halving rally in the coming weeks.
Traders suggest that Bitcoin will enter a period of accumulation following the pre-halving rally, with the expectation that it will enter a parabolic uptrend before surging above $90,000.
Rekt Capital thinks that Bitcoin is currently in a good position after testing the immediate resistance around $43,786 several times in the last two months.
Despite being rejected from the higher range (RH) last week, Bitcoin is trying to test the RH again this week. According to analysts, if this strength continues, RH resistance may begin to weaken.
The analyst notes that Bitcoin is gaining bullish momentum after Bitcoin’s relative strength index (RSI) indicator broke above its crossover resistance on the weekly chart to invalidate a potential bearish divergence signal.
Bearish divergence usually occurs when the RSI momentum indicator enters a downtrend and the price of the asset continues to rise. This signal indicates that a bearish trend is apparent in an environment where bullish momentum is waning.
Rekt Capital states: “The new weekly close has occurred and Bitcoin RSI has successfully broken the downtrend (red). This shows that the downward trend is invalid.”
Koinfinans.com As we reported, at the time of writing this news, BTC is trading at $43,161, up 1.22% in the last 24 hours.
