Bitcoin’s pre-halving dip demands a retest of $45K support for BTC price.

Bitcoin (BTC) is set to experience a correction before its next block subsidy halving, although the exact timing of this event is uncertain. Rekt Capital, a popular trader and analyst, recently released a YouTube video in which he predicted that BTC’s price action would mimic the bull runs of 2016 and 2020. Despite Bitcoin’s recent consolidation within a narrow range for over a week, with $52,000 acting as a resistance level, experienced market observers remain optimistic. Rekt Capital analyzed previous runs to all-time highs and identified key phases that are common to both bull market setups. He explained that in the past, a macro downtrend break always preceded an upward movement leading into the halving. Rekt Capital’s chart showed BTC/USD breaking its initial downward trend line and then getting caught in a resistance zone that was previously formed by it. The missing phase in the current cycle is the “pre-halving retrace,” where Bitcoin breaks through the resistance and then retests it as support. Rekt Capital believes that this cycle will follow a similar pattern. The pre-halving pullback is expected to occur around $45,000, according to data from Cointelegraph Markets Pro and TradingView. Rekt Capital raised the question of whether Bitcoin will retest this resistance during the pre-halving period, as it has never done so in previous cycles. Earlier, Rekt Capital stated that BTC/USD had entered its pre-halving run-up, and now he adds that key price events are occurring faster in this cycle compared to previous ones. Despite the rangebound moves, some analysts see no reason to turn bearish on the market. Caleb Franzen, founder of research platform Cubic Analytics, noted that Bitcoin is trading at the same price it was seven days ago. Analyst Matthew Hyland also agreed, emphasizing the significance of the 0.618 Fibonacci retracement level above $48,000. However, he cautioned that if the price falls below $49,000, the situation could change. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any financial decisions.