Bitcoin (BTC) is still less than a year away from the halving cycle, which is the flag bearer of the crypto market and the catalyst for the 2021 bull. Rekt Capital, one of the well-known crypto analysts, sets the levels for the Bitcoin price until April before the halving.
How is Bitcoin price doing in the macro timeframe?
Bitcoin price is trading at $27,000 at the time of writing, up from the ATH level of 67,500 it reached in November 2021. Many analyzes have tried to attribute this decline to high-profile bankruptcies as well as macroeconomic events. However, according to crypto analyst and trader Rekt Capital, these events actually structured a repeat of the pattern.
Since the halving cycle in 2016, Bitcoin price is currently following the following pattern, which has been successfully played twice in a row. According to Rekt Capital, BTC moved to form lows per a macro downtrend that broke out about a year before the halving cycle.
Bitcoin price could be busy with these levels until April
In 2015, this pattern occurred 366 days before the halving cycle, and a similar event occurred 395 days before the halving in 2019. If this pattern is played out again, Bitcoin will successfully repeat for the third time as the next halving is 397 days away in April.
If Bitcoin’s monthly candle close is above the downtrend line, the macro downtrend will be invalidated. Getting out of the same situation will potentially support a price increase in the long run. This is because the breakout before the previous halving cycle recorded BTC rising more than 183%. Although a similar rise is not expected this time, BTC can at least stay above $25,000.
How far is the altcoin rally?
On the micro scale, Bitcoin price is performing quite well, given the roughly 35% increase the leading cryptocurrency has observed over the past seven days. Trading at $27,700, BTC peaked as it dropped almost below $19,000.
But the rise in Bitcoin price has not been met with similar enthusiasm when it comes to altcoins, as only some have managed to post significant gains. Most of the top 50 altcoins over the past 90 days have increased less than BTC.
As a result, the market has regressed to Bitcoin season. For alt season to come again, 75% of the top 50 altcoins need to outperform Bitcoin, which for now seems so far away. As we reported as Kriptokoin.com, bull expectations have been shaped around the AI coin market until now.
Next Bitcoin halving date
Bitcoin halving refers to an event in which the amount of Bitcoin that miners receive in exchange for processing transactions is halved every four years. The last halving took place in 2020 and the next halving will take place in 2024. The halving, which is planned to take place at 840,000 blocks, is expected to coincide with April 12, 20242.
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