Bitcoin price climbs above $67k as traders grow bullish ahead of the halving

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Historically, Bitcoin’s price struggles both in the lead up to and directly following a halving, with the market typically taking 3-6 months to really start ramping up once the quadrennial reduction in new BTC emissions takes place. While this can serve as a general estimate, it’s important to note that Bitcoin’s post-halving rallies have seen diminishing returns in each successive cycle. Between its launch and the first halving, Bitcoin went from being valueless to $12.50, an increase of 125,000%. At the 2016 halving, it traded at $650, an increase of 5,100% from 2012. By 2020, it had increased roughly 1,200% to trade near $8,500.

“In 2016, this pre-halving retrace was -38% deep and lasted 3-4 days,” Rekt Capital said. “In 2020, this pre-halving retrace was -20% deep and lasted 56 days .” He said pre-halving retraces offer three main benefits. They “offer one final bargain-buying opportunity in the pre-halving period; they form the range low of the future re-accumulation range; and they set up the next phase in the Bitcoin halving cycle: ‘re-accumulation ,” he said.

Rekt Capital said that ideally, Bitcoin will “move sideways going into the halving and beyond,” and the “re-accumulation phase can last multiple weeks and even up to 150 days .”

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