Bitcoin tends to rally over 30% in eight weeks leading up to the reward halving, according to 10X Research. Bitcoin's fourth halving is due on April 19.While a price pullback looks plausible, the broader uptrend looks set to continue, with prices revisiting and potentially surpassing the record high of $69,000 before
More importantly for traders, the previous three cycles centered around the halving show prices surged by over 30% in eight weeks leading up to the quadrennial event, which reduces the pace of supply expansion by 50%. The halving due on April 19 will halve the per-block reward to 3.25 BTC from 6.5 BTC.
At press time, bitcoin changed hands near $52,000. A 32% rally from here, in accordance with the past data, means prices could trade close to the record high of $69,000 on or before the halving day. A week ago, bitcoin 14-day RSI crossed above 80 for the first time since December. 12 out of 14 such previous RSI signals presaged accelerated uptrends, producing an average gain of 54% in the following 60 days, according to 10X Research.
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