Bitcoin price support retest at $45K called for ahead of halving

Bitcoin (BTC) is expected to experience a pullback before its next block subsidy halving, although the exact timing remains uncertain. Popular trader and analyst Rekt Capital recently released a YouTube video in which he predicted that BTC’s price action would resemble the bull runs of 2016 and 2020. Bitcoin has been trading within a narrow range for over a week, with $52,000 serving as a resistance level. This has had a negative impact on sentiment and altcoin prices, but seasoned market observers remain optimistic. Rekt Capital analyzed previous runs to all-time highs and identified common phases in both bull market setups. He explained that a macro downtrend break always precedes an upward movement before the halving. A chart accompanying his analysis showed BTC/USD breaking its initial downward trend line and encountering a resistance zone. However, the crucial “pre-halving retrace” phase is missing in 2024 so far. Rekt Capital believes that this phase will occur in the current cycle as well. The zone of interest for the pre-halving pullback is around $45,000. Rekt Capital questioned whether this resistance would be retested in the pre-halving period this month, as it has never been done in previous halving periods. Earlier, Rekt Capital stated that BTC/USD had fully entered its pre-halving run-up and now adds that key price events are happening faster in this cycle compared to previous ones. Despite the rangebound moves, some analysts do not see a reason to be bearish on Bitcoin. Caleb Franzen, the founder of research platform Cubic Analytics, noted that Bitcoin is trading at the same price as it was seven days ago. Analyst Matthew Hyland agreed, highlighting the significance of the 0.618 Fibonacci retracement level above $48,000. However, he cautioned that if $49,000 is breached, the situation may change. This article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.