An analyst suggests that Bitcoin’s pullback has similarities to its history and gives an opinion on when BTC will rise after the Halving.
Bitcoin reached an all-time high of $73,835 on March 14 according to data from Coinbase. It hit a new ATH before the halving, expected to take place on April 23.
Analysts predict that the price of BTC will change from April 15 to April 23. This is different from the previous cycle when BTC traded at $9,000, only half of the 2017 ATH of $19,900.
Therefore, an analyst hypothesizes that BTC may be experiencing a faster-than-expected acceleration cycle, but the similarities remain.
Similar History of Bitcoin before Halving
In a post on X, Rekt Capital shared his thoughts that history repeats itself. In 2020, BTC started to rise prior to the halving event and subsequently went into a 35-day pullback. The analyst believes that the same is happening again.
The pre-halving rally lasted for 8 weeks in 2020 and then transitioned into a prolonged 5-week pullback. This may not cause a significant drop in the price of Bitcoin but instead finds a support level and maintains it for accumulation after the halving.
The chart highlights that the parabolic price rise will begin 23 weeks after the halving date. In 2020, BTC quickly rallied and surged until it reached $69,000 after 55 weeks.
Based on historical event pattern, if April 15 indeed is the date of the halving event, then the actual price rise of Bitcoin may start 23 weeks later on September 23, 2024.
In a recent video by Rekt Capital, a clearer explanation of the Bitcoin Acceleration Cycle was given. Notably, the channel states that it will begin the cycle around 546 days after the Halving and bring Bitcoin to its all-time high level in mid-October 2025.
At the time of writing, Bitcoin is currently trading at $68,884.56 and experiencing a 1.99% increase in the past 24 hours.
