Bitcoin, the largest cryptocurrency by market capitalization, continues to exhibit back and forth price trend. In the last one week, BTC has not made any noteworthy price increase but struggling not to lose its most important supports.
Despite the Bitcoin’s price fluctuation, Rekt Capital, a Bitcoin trader and analyst, has stressed the fact that BTC retracement prior to halving has ever been an indication of the new bull market.
Bitcoin Is Accustomed to Strong Retracement Prior to Halving
Bitcoin halving is close by. It’s relatively 7 months to the much-awaited event, which the majority in the crypto space sees as a point of turnaround for BTC price.
Nonetheless, this upcoming event has not deterred some crypto enthusiasts, especially the newcomers, from being discouraged by the present price trend exhibited by Bitcoin.
In this regard, Rekt Capital came in to save the doubting Thomases, stressing the comparability of the past and present price action of Bitcoin.
He said, “Bitcoin is no stranger to strong retraces a few months prior to its respective Halving These retraces also happen to be the first major corrections in a new Bitcoin Bull Market”.
Bitcoin is no stranger to strong retraces a few months prior to its respective Halving
— Rekt Capital (@rektcapital) October 16, 2019
To further his concern for the cryptocurrency investment and trading newcomers, he took upon himself to write a comprehensible article about the history and what to expect as BTC gets closer to its mandatory halving.
In the article, he stressed that the history of Bitcoin is already a proof to show that its occasional halving is a very important catalyst to usher BTC into a new bull market.
Rekt Capital on the Halving Conducted in 2012
According to Rekt Capital, the first-ever Bitcoin halving was conducted in November 2012. However, the digital currency did not react to the halving until 513 days post halving, after which BTC increased by 13,000% from $2.01.
This significant upsurge initiated the first parabolic movement of Bitcoin, which was the catalyst to the first bull cycle of the digital currency.
Recap of the Second Halving
Going by Rekt Capital’s information, the second halving played out in July 2016, and it took Bitcoin 1068 days to surge by 12,000% to its all-time high of $20,074 from $164.01 bottom.
So, the above historical analyses indicate that Bitcoin halving is an insurmountable catalyst to the growth of the cryptocurrency. If BTC could replicate past geometrical growth, by calculation, its price could attain a noteworthy level after the next halving. Newcomers just need to get used to Bitcoin’s accustomed price trend.
Bitcoin’s Price at Present
The price of Bitcoin has not drawn any worthwhile attention other than its usual price correction it lately showcased. It has again lost its $8,000 important support level.
At the time of filing this report, BTC is trading at $7,919.74, with 2.27% price downtrend on a 24 hours basis. The bottom of this present downtrend has become the subject of speculation in the crypto sphere.
#Bitcoin is no stranger to strong retraces a few months prior to its respective Halving. These retraces also happen to be the first major corrections in a new Bitcoin Bull Market.
— Viktoria Simon (@maxvision33) October 17, 2019
Some crypto analysts believe its price would still retest $6,500 price region. It’s clearly a speculation until when it comes to pass, but that must be the least expectation of the majority of Bitcoin investors.