A widely followed crypto analyst is updating his strategy on Bitcoin (BTC) as the crypto king’s next halving approaches.
Pseudonymous crypto trader Rekt Capital tells his 388,300 followers on the social media platform X that BTC is likely to wrestle with resistance for the next few months.
“The Macro Diagonal continues to act as resistance
History suggests this will continue for a few more months
After the Halving however, BTC should be ready to break this Macro Diagonal & turn it into new support to springboard into new All Time Highs”
The Bitcoin halving is a programmed event that occurs every four years, reducing mining rewards by half. Historically, BTC rallies tend to follow halvings.
However, until BTC reaches that point, Rekt Capital sees the possibility of Bitcoin slipping before the next halving, which will likely be in April.
“Will Bitcoin offer another Pre-Halving retrace?
If it occurs, it definitely won’t be as deep as March 2020″
Overall, as far as Bitcoin’s bull market is concerned, the analyst thinks BTC is almost 1/3 of the way through.
“BTC Bull Market Progress: 30.9%”
BTC is worth $41,844 at time of writing, down 10% in the last week.
Turning to layer-1 smart contract platform Solana (SOL), the trader says SOL is facing a testing point in its range low.
“Solana is rejecting from the old black Range Low
Following the path well thus far
Invalidated should SOL reclaim the black level and/or Weekly Close above it.”
SOL is worth $95.34 at time of writing, down 5% in the last week.
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The post Crypto Trader Updates Outlook on Bitcoin (BTC) Bull Market Progress, Calls Move Up for Solana (SOL) appeared first on The Daily Hodl.
