Bitcoin New All Time Highs Coming Soon
How will the Pre-Halving Rally & Pre-Halving Retrace phases affect Altcoins?
Bitcoin is going against the grain of history but it is also on the cusp of making history.
It is going against the grain of history because it has Monthly Closed beyond the Macro Diagonal for the first time ever in the Pre-Halving period.
It has reached the old All Time High region quicker than ever before, reaching this area in the Pre-Halving period, rather than 215 days after the Halving as has historically been the case.
And now, Bitcoin is on the cusp of making history because it is now breaching the final major Monthly resistance that is the final gatekeeper to new All Time Highs ($61847, black).
But here is where Bitcoin is still respecting history:
Bitcoin has broken out into its Pre-Halving Rally phase approximately 60 days before the Halving, something we spoke about ahead of time in early February:
In fact, Bitcoin broke out into this Pre-Halving Rally phase a couple of days ahead of schedule.
Of course, the Pre-Halving Rally has been extensive and has exceeded everybody's expectations.
That said - it did breakout on time, as per history.
So it's worth, amidst all the euphoria, keeping in mind that a Pre-Halving Retrace is technically the next phase in the Bitcoin Halving cycle after this upside.
Right now, Bitcoin is still halfway through its Pre-Halving Rally and, at least according to historical tendencies, should continue to be over the next three weeks or so.
But as we've discussed over the past few weeks, there is a "Danger Zone" that exists approximately 28-14 days before the Halving (orange):
After all, Bitcoin performed a Local Top approx. 14 days before the 2020 Halving and a Local Top approx. 28 days before the 2016 Halving.
This is how we've arrived at this "Danger Zone".
In today's newsletter, we'll be talking about how Bitcoin's current Pre-Halving Rally phase will affect Altcoins as well as how Bitcoin's Pre-Halving Retrace ties in with Altcoin valuations as well.