Markets
Crypto Trader Says Bitcoin Halving Still Not Priced Despite Scaling Up to New Highs – Here’s Why
A widely followed crypto analyst says markets still haven’t fully adjusted to Bitcoin’s recent halving, which significantly reduced BTC Miner rewards by half.
In a new video update, pseudonymous trader Rekt Capital tell his 77,000 YouTube subscribers that Bitcoin has historically sparked a parabolic rally after the halving.
But the trader notes that the actual consideration of the halving tends to take place a few months after the event.
“Bitcoin halving is not factored in. Historically, every time we have seen a halving, we have seen a phenomenal rise at this point in the cycle, where we have already seen new highs without precedent, but we have been consolidating for a long time, and therefore reaching new all-time highs again is only a matter of time.
Of course, it’s not on a logarithmic scale, so I don’t expect the price to go back up to $400,000 or anything.
Historically, we tend to see consolidation for over 150 days before finally seeing a breakout into a parabolic rally that lasts several months. We are currently in a reaccumulation period again, so the fact that we reaccumulate here, the longer the better, the longer we pause and take a breather here will be better for the uptrend that will inevitably ensue thereafter.
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 BTC may not trigger rebounds to new all-time highs until September this year.
At the time of writing, Bitcoin is trading at $68,580.
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