July 16, 2024
Bitcoin's at $51,513, Calls for $45K Price Support Retest
Bitcoin price today

Bitcoin’s at $51,513, Calls for $45K Price Support Retest

Thursday, February 22, 2024: The price of Bitcoin stands at $51,513. Amidst expectations of an upcoming pullback linked to its imminent block subsidy halving, popular trader Rekt Capital, in a recent February 20 YouTube video, predicted the potential price movement of BTC, drawing parallels to the bull markets of both 2016 and 2020.

Despite Bitcoin experiencing a narrow trading range for over a week, with $52,000 serving as a resistance zone, market sentiment remains positive. Rekt Capital highlighted key phases common to both previous bull market setups, emphasizing the importance of a macro downtrend break preceding upside movements into the halving.

“In the past, a macro downtrend break always precedes an upside going into the halving. Then we have a pre-halving retrace and then a post-halving reaccumulation period and then parabolic price action toward new all-time highs.”

A chart accompanying the analysis showed BTC/USD breaking its initial downward-sloping trend line but encountering resistance from the zone it had previously formed. The missing element in 2024 so far is the “pre-halving retrace” phase, where the price breaks through and retests as support.

Rekt Capital suggested a potential pre-halving pullback zone of around $45,000, based on data. The question remains whether a retest of this resistance will occur this month in the pre-halving period, a phenomenon not observed across previous cycles.

Rekt Capital previously noted that BTC/USD had fully entered its pre-halving run-up, emphasizing that key price events were unfolding more rapidly in this cycle compared to previous ones.

Amidst the current range-bound movements, some analysts remained optimistic, with Caleb Franzen, founder of research platform Cubic Analytics, highlighting Bitcoin’s consistent trading within a specific range. He noted, “Bitcoin is trading at the same price as it was 7 days ago, fluctuating between $50.6k & $53k for the past 7 days, but the lowest daily close has been $51.6k.”

Responding to concerns, analyst Matthew Hyland acknowledged the significance of the 0.618 Fibonacci retracement level from all-time highs just above $48,000. While cautioning that a change in the picture could occur if $49k folds, he suggested that consolidation in an uptrend favors a continuation of the upward trajectory.

The overall sentiment appears mixed, with the market closely watching for developments around Bitcoin’s block subsidy halving and potential price movements in the coming weeks.

Image by frimufilms on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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