Bitcoin (BTC) Preparing for Post-Halving Price Surge, Analyst Says - But One Condition Must Be Met

According to a popular crypto analyst, Bitcoin (BTC) could see another parabolic price surge to new all-time highs following its 2024 halving event. The trader believes Bitcoin is gearing up for a post-halving frenzy, but notes one key condition needs to be met first.

Pseudonymous analyst Rekt Capital tells his 352,200 followers on platform X that Bitcoin could surge above $80,000 in the months after its next halving in April 2024.

While Rekt Capital maintains a long-term bullish outlook, he notes Bitcoin could continue its downtrend before the event.

"Hang in there and capitalize on any deeper downside in this pre-halving period," Rekt Capital tweeted. "You won't want to miss out on the post-halving parabola."

The popular analyst explains Bitcoin often sees parabolic advances in the months following past halvings, but warns traders not to expect an immediate reversal. Instead, he advises followers to prepare for more potential downside first.

Rekt Capital observes Bitcoin could mirror its 2019 bear cycle of trading in a triangle pattern before breaking out to start a bull run.

"If Bitcoin continues making lower highs...Could BTC fill the CME gap around $20,000 later this year or early 2024?" the analyst tweeted.

"If so, the path could be consolidation towards the apex of the triangle before finally breaking out near the halving."

Rekt Capital explains to followers how Bitcoin consolidated in a triangle in 2019 while bleeding to lower highs, before exploding over 100% in just two months. He speculates a similar triangle consolidation and breakout could occur leading into the 2024 halving.

Analyzing the analyst's chart, he implies Bitcoin could confirm the triangle breakout in April 2024, coinciding with the halving event. This would be followed by a surge towards his long-standing price target.

Currently, Bitcoin is trading at $26,610, down significantly from its all-time high. However, Rekt Capital believes the leading cryptocurrency is gearing up for a powerful move in 2024 that could propel BTC to new highs above $80,000. Key to the rally is Bitcoin's ability to consolidate in a triangle pattern beforehand, similar to past market cycles.

Sep 19, 2023