With just a few days left until the Bitcoin (BTC) halving, cryptocurrency market investors and analysts are following closely. In this way, the reward from Bitcoin mining will be halved. In this context, well-known crypto trader and analyst Rekt Capital stated in his statements that Bitcoin is currently in the first phase of the halving and is following a course consistent with analysts’ predictions. As Rekt Capital emphasized in its tweet, Bitcoin’s 18% pullback in recent weeks should not actually be a surprise for long-term investors. The analyst points out that similar declines occurred before the previous halving.

While there was a 38% withdrawal during the halving that occurred in 2016, this rate was at 20% before 2020. In light of this data, it is possible to say that Bitcoin’s current price movements are similar to those in past halving periods and that similarities may be experienced in the future. Rekt Capital predicts that the Bitcoin price may rise significantly after the halving and push new peaks.

According to Rekt Capital’s analysis, Bitcoin is currently following the course it should be in the first phase of the halving. The withdrawal rate in recent weeks is similar to past halving periods. This may suggest that Bitcoin has so far responded to the halving process as predicted by technical analysis.

Looking at the data obtained from blockchains, called onchain data, there are signals that Bitcoin may be at the beginning of the accumulation phase again. Rekt Capital states that Bitcoin’s current resistance level is around $70,000, which means a higher reaccumulation range may have formed. At this stage, Rekt Capital expects the Bitcoin price to follow a horizontal course until the halving and then start an upward movement.

Bitcoin’s reaccumulationAn interesting point about Bitcoin’s reaccumulation phase is that this period is taking place around the all-time high for the first time. This may shorten the duration of the reaccumulation phase and cause the horizontal course to last shorter.

In other words, instead of the long-term horizontal movements seen in past halvings, the Bitcoin price may gain upward momentum more quickly. If this scenario occurs, there may be an opportunity for investors to make profits in the shorter term. However, in the opposite case, a prolonged horizontal trend may demoralize investors and cause them to withdraw from the market.

Onchain data highlighted by Rekt Capital helps investors better understand the supply and demand dynamics of Bitcoin. These data may provide clues about the beginning or end of the reaccumulation phase. However, it should not be forgotten that onchain data alone is not sufficient and market psychology also plays an important role.

If investors have an optimistic outlook towards the halving, this could trigger the Bitcoin price to rise faster. On the other hand, if investors’ confidence in the cryptocurrency market is shaken, the Bitcoin price may remain horizontal or even decline.

Based on Rekt Capital’s analysis and historical data, it is thought that the Bitcoin halving could be a potentially positive catalyst for the Bitcoin price and the cryptocurrency market. The supply shortage and investor interest expected to occur after the halving may pave the way for the Bitcoin price to reach new peaks.

However, analysts emphasize that investors should always be cautious. The cryptocurrency market has a very dynamic structure and can exhibit unpredictable movements. Therefore, investors need to do their own research, never invest their entire savings in a single cryptocurrency, and apply risk management techniques.