Bitcoin has seen a notable increase recently, turning attention to the commentary on its performance. Many questions posed to commentators revolve around whether a correction is imminent. Meanwhile, inquiries continue about whether it’s the right time to enter the market at these levels. An analyst indicates that Bitcoin is behaving differently compared to previous halving cycles as we approach the next halving. Let’s examine their comments.
Bitcoin Behaves Differently This Time
A cryptocurrency analyst, following a double-digit surge in the past few weeks, foresees a path ahead for Bitcoin (BTC). Known as Rekt Capital, the analyst tells their 59,700 YouTube subscribers that as the halving in April approaches, Bitcoin’s current price performance has risen more than in the periods before previous halvings.
The analyst’s comment is as follows:
“Looking at the historical performance in the 60 days before the halving, we tend to see pre-halving rallies. This is also a pre-halving rally. However, the important point here is that this rise is happening with exceptional performance. The price has risen more compared to other cycles.”
According to Rekt Capital, Bitcoin has more upward potential before the halving.
“This pre-halving rally is continuing strongly. It will likely continue robustly for a few more weeks. However, we will probably start to see some peak points before the halving.”
Will the Correction Be Severe?
Rekt Capital comments on how severe the correction might be and how long it could last:
After a vigorous pre-halving rally, I wouldn’t be surprised to see a pullback before the halving and then some sort of sideways movement for a few months. Because this vertical price movement is fantastic. It’s exciting but can’t continue forever.
So this pre-halving pullback, whether it’s only 10%, 15%, 20%, or if we’re lucky maybe 25%, is likely to happen. But a pullback needs to occur. Because such an event would also be an indicator that the market is healthy.”
Cryptocurrency flagship Bitcoin is trading at $62,1116 at the time this article was written. BTC has shown an approximate 22% increase over the past week.