A closely followed crypto analyst says that Bitcoin (BTC) could witness another parabolic rally en route to a new all-time high after its 2024 halving.
Pseudonymous analyst Rekt Capital tells his 352,200 followers on the social media platform X that Bitcoin could rally above $80,000 in the months following its next halving event.-->
The halving, which cuts BTC miners’ rewards in half, is expected to take place in April 2024.
While Rekt Capital is long-term bullish on Bitcoin, he notes that it is possible for BTC to continue its downtrend before the halving.
“Hang in there and make the most of any deeper downside in this pre-halving period.
You won’t want to miss out on the post-halving parabola.”
Rekt Capital notes that Bitcoin may repeat its 2019 bear market cycle when it traded within a triangle pattern before breaking out and starting a bull market.
“If Bitcoin continues to form lower highs…
Could BTC fill the CME (Chicago Mercantile Exchange) gap at ~$20,000 later this year or early 2024?
If so, the possible path could be consolidation to the apex of the black triangle before finally breaking out close to the halving.”
Looking at the trader’s chart, he seems to suggest that Bitcoin will confirm the triangle breakout in April 2024 followed by a rally toward his long-term target.
At time of writing, Bitcoin is worth $26,610.