A widely followed analyst in the crypto space says that markets still haven’t fully adjusted to Bitcoin’s recent halving, which slashed BTC miners’ rewards in half.
In a new video update, pseudonymous trader Rekt Capital tells his 77,000 YouTube subscribers that Bitcoin has historically ignited a parabolic rally after the halving.
But the trader notes that actual pricing in of the halving tends to happen a few months after the event.
“The Bitcoin halving is not priced in. Historically, whenever we’ve seen a halving, we’ve seen phenomenal upside at this point in the cycle, where already we’ve seen new all-time highs but we’ve been consolidating for a long time, and so breaking to new all-time highs once again is only a matter of time.
Of course, this is not on the logarithmic scale so I don’t expect price to be rallying to $400,000 or whatever the case may be.
Historically, we tend to see consolidation for over 150 days before finally seeing a breakout to a parabolic rally which lasts multiple months. We’re currently in a re-accumulation period again so the fact that we’re re-accumulating here, the longer the better, the more we pause and capture a breather here will be better for the uptrend that inevitably ensues afterward.”
Rekt Capital recently said that Bitcoin was officially out of the “danger zone” where corrections have historically occurred during its market cycles. However, he said that BTC may not spark breakout rallies to new all-time highs until about September of this year.
At time of writing, Bitcoin is trading for $68,580.
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