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- A renowned crypto trader and analyst has predicted that Bitcoin could hit $130k after the much anticipated halving event.
- Rekt Capital has also disclosed five phases of the Bitcoin halving, predicting a deep retrace, and a final bull run.
BlackRock’s spot Bitcoin Exchange-Traded Fund (ETF) related rumors triggered a mini rally to send Bitcoin (BTC) to $30k before declining to $28k after it was proven to be false. While this comes as a disappointing development, popular trader and analyst CryptoCon believes that a bigger and proven catalyst is on the verge of sending the price to $130k in just two years.
Addressing his X (Twitter) followers, CryptoCon explained the impact of the Bitcoin halving on the overall market and concluded that the long-term roadmap looks bullish. The analyst uploaded a chart and explained that there are some “early tops” in each price cycle.
I’ve been doing a lot of Bitcoin cycle top experiments lately, and I keep seeing right around the same price… 130k.
According to him, this and the actual cycle top constitute the all-time high. In explaining the chart, he pointed out that the early top occurs every three weeks on either side of June 9. Also, the all-time high is seen three weeks on either side of November 28. Plotting diagonal trendlines from the first early top leads to the timing for these events.
Doing this has found that the price of the last two cycles tops exactly, and our trend from the last cycle gives us a price of about 138k. I am prepared for lower prices, but the stars are aligning at 130k for Bitcoin this cycle!
Based on history, the next cycle top would occur in 2025.
Rekt Capital Explains Five Phases of Bitcoin Halving
After each of the three halving events recorded, the Bitcoin price staged an unimaginable surge to record a new all-time high. The 2024 halving, according to analysts, would not be any different. On October 6, crypto trader and analyst Rekt Capital highlighted five phases of the Bitcoin halving.
The first one is the Pre-Halving period. With this, there are deeper retraces that usually happen over a period of 140 days. In 2015, there was a retrace of 24 percent before the 2016 halving. Prior to the 2020 halving, there was a retrace of 38 percent in 2019. The analyst predicted that $20k could be retested when the asset declines by 30 percent.
The second phase is the Pre-Halving rally. About 60 days before the event, investors purchase the asset aggressively to sell after the event, triggering a rally.
After this, there is a Pre-Halving retrace period which mostly occurs around the event.
In 2016, this Pre-Halving retrace was -38% deep. In 2020, this Pre-Halving retrace was -20% deep. This Pre-Halving retrace makes investors question whether the Halving was a bullish catalyst on price after all.
The fourth phase is called the Re-accumulation. This is where many investors get “shaken out” due to impatience, disappointment in the price move after the event, and boredom. This is followed by the final phase called the Parabolic Uptrend. In this phase, the asset rises to the moon and drags altcoins along.
As of press time, Bitcoin was up by 4 percent in the last seven days but is 59 percent down from its all-time high price of $69,045.00.
