Top analyst Rekt Capital on X (formerly Twitter) gave insights about how Bitcoin’s price has spiked after past halving events. In 2016 and 2022, Bitcoin’s price pumped about 154 days and 163 days after these events.
Now it’s 2024, and we’re at about the same time after another halving. This has left investors wondering if Bitcoin’s price will rise again soon.
Over the past, following a halving event, the Bitcoin price has remained stable for a while before exploding. Right now, Bitcoin’s price is above $64,000. Some analysts speculate that it could rise even more, even reaching $80,000.
Moreover, if history is any indicator, Bitcoin’s 2024 cycle might mirror previous ones, positioning it for another rally. Rekt Capital’s Bitcoin chart outlines this post-halving accumulation phase and hints at a possible bullish breakout in the future.
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Bitcoin’s Technical Analysis: Resistance and Bullish Patterns
Cobra Vanguard, another prominent analyst, shared an analysis supporting this bullish narrative. The Bitcoin chart indicated an ascending triangle, a pattern that predicts a breakout.
Furthermore, the analyst identified an AB=CD pattern on the Bitcoin chart. The AB segment has already witnessed a 31.85% price increase. Based on this harmonic pattern, the CD movement should replicate the same magnitude, suggesting Bitcoin could target a price range near $75,000–$80,000 after breaking the current resistance.
Read Also: Can Cardano (ADA) Price Reach $2 Before 2024 Ends?
Is Bitcoin One Resistance Away From a Rally?
The historical context and technical patterns emphasize Bitcoin’s bullish potential. Although Bitcoin’s price is presently testing resistance, many think a breakout may happen shortly.
Furthermore, a move above the $64,000 resistance level would likely pave the way for a possible pump toward $80,000, according to the ascending triangle formation.
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