A cryptocurrency strategist is forecasting the path forward for Bitcoin (BTC) after a double-digit rally over the past couple of days.
The crypto analyst pseudonymously known as Rekt Capital tells his 59,700 YouTube subscribers that as the halving scheduled for April approaches, Bitcoin’s current price performance appears to be more bullish than in previous pre-halving periods.
“When we look at historical performances in the 60 days before the halving, we tend to see pre-halving rallies. And this is a pre-halving rally as well. But the point is here that this is overperforming, this is outperforming.”
According to Rekt Capital, Bitcoin possesses more upside potential ahead of the halving.
“So this pre-halving rally is going strong and it will still go strong for a few more weeks. But before the halving is probably where we’re going to start see some topping out.”
On how severe the correction is likely to be and how long it could last, the pseudonymous strategist says,
“After what was an explosive pre-halving rally, I wouldn’t be surprised to see a pre-halving retrace followed by some sort of sideways movement for a few months. Because this vertical price action it’s wonderful, it’s exciting, but it can’t continue forever.
So this pre-halving retrace is going to likely occur, whether it’s just 10%, 15%, 20%, maybe 25% if we’re lucky. But a retrace does need to occur, for that’s always going to be a healthy thing in a cycle.”
Bitcoin is trading at $62,159 at time of writing, up by around 22% in a week.
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