Bitcoin pre-halving ‘pullback’ calls for $45K BTC price support retest

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22 Feb 2024

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WILLIAM SUBERG
5 HOURS AGO

Bitcoin pre-halving ‘pullback’ calls for $45K BTC price support retest

Bitcoin is keenly copying previous bull markets, but the April halving demands a period of consolidation of recent BTC price gains.
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Bitcoin
BTC
$51,079
is due a pullback around its next block subsidy halving, but the timing remains unclear.In his latest YouTube video on Feb. 20, popular trader and analyst Rekt Capital predicted BTC price action copying the 2016 and 2020 bull runs.

Bitcoin analyst mulls timing of 2024 “pre-halving retrace”

Bitcoin has ranged within a narrow corridor for over a week, with $52,000 acting as a resistance zone.
While this has taken its toll on sentiment — as well as altcoin price performance — seasoned market observers remain optimistic.
Analyzing previous runs to all-time highs, Rekt Capital identified key phases common to both bull market setups.
“In the past, a macro downtrend break always precedes upside going into the halving,” he explained.

“Then we have a pre-halving retrace and then a post-halving reaccumulation period and then parabolic price action toward new all-time highs.”

An accompanying chart showed BTC/USD breaking its initial downward-sloping trend line, only to get caught in a resistance zone previously formed by it. Breaking through and then retesting as support — the “pre-halving retrace” phase — is what is missing in 2024 so far.

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“We’re going to have the same thing in this cycle as well,” Rekt Capital continued.
The zone of interest when it comes to the pre-halving pullback lies at around $45,000, data from Cointelegraph Markets Pro and TradingView confirms.
BTC/USD 1-month chart with Rekt Capital’s retracement zone. Source: TradingView
“The question is, ‘Are we going to retest this resistance this month in the pre-halving period?’ because notice how we are never able to do that in the pre-halving period across time,” he queried.
Earlier, Rekt Capital concluded that BTC/USD had fully entered its pre-halving run-up, now adding that key price events were coming quicker this cycle than before.

Sub-$50,000 BTC price levels come into focus

Commenting on current price action, meanwhile, others saw little reason to flip bearish on the market amid the rangebound moves.
Related: Why is Bitcoin price down today?
“Bitcoin is trading at the exact same price as it was 7 days ago,” Caleb Franzen, founder of research platform Cubic Analytics, told subscribers on X on Feb. 22.

“Fluctuating between $50.6k & $53k for the past 7 days, but the lowest daily close has been $51.6k (which is also right where it's trading right now). I really don't understand the panic or the bear victory laps.”

Responding, analyst Matthew Hyland broadly agreed, noting the significance of the 0.618 Fibonacci retracement level from all-time highs just above $48,000.
“If $49k folds then the picture changes but consolidation in an uptrend favors a continuation of the uptrend,” he nonetheless cautioned.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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JESSE COGHLAN
7 HOURS AGO

Starknet’s STRK token drops as Nethermind and airdrop hunters dump millions

STRK’s token has fallen by over 50% since its launch on Feb. 20 as airdrop hunters and large token recipients sell millions of the tokens.
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The two-day-old token of Ethereum layer-2 network Starknet has more than halved in price as Ethereum infrastructure firm Nethermind and airdrop farmers dumped millions of dollars worth of the airdropped token.
Starknet’s (STRK) price has dropped nearly 60% and is trading under $1.90 from a Feb. 20 top of $4.41, when it was airdropped to some of the blockchain’s users, according to CoinGecko data.
STRK hit as high as $7.70 on Binance following its listing on the exchange, but its price there has since dropped 75.4% to below $1.90.
Starknet token has nearly halved in price from Feb. 20–22. Source: CoinGecko
“The price of $STRK has been falling since its launch,” blockchain analysts Lookonchain wrote in a Feb. 22 X post.
It added it found Nethermind sold 3.41 million STRK worth over $6.7 million and warned “the selling may continue” as the firm still held over $12 million worth of the token.

Hours earlier, Lookonchain shared that it had found a second instance of a STRK airdrop hunter consolidating wallets, with 1.2 million STRK worth $2.4 million moving from around 1,800 separate wallets to a single address.
On Feb. 21, Lookonchain said it found a similar instance of an airdrop hunter, with nearly 1,400 wallets sending 1.4 million airdropped STRK worth about $3 million to a single address.

Yearn.finance developer Banteg had alleged ahead of Starknet’s airdrop that over 700,000 wallets of the 1.3 million eligible for airdropped STRK were linked to GitHub accounts controlled by airdrop hunters.
Related: Starknet airdrop largely successful despite controversies
The STRK airdrop was also dampened by Starknet users claiming they were ineligible for the distributions despite making thousands of dollars worth of transactions. Criteria for eligibility meant users needed to have held at least 0.005 Ether
ETH
$2,941
— worth about $10 — at the time of a snapshot on Nov. 15, 2023.Others took issue with STRK’s unlock schedule for rewarding Starknet investors and contributors with 1.3 billion STRK, 13% of the supply, around two months after launch.
STRK’s airdrop saw a huge takeup when it launched, with 45 million STRK tokens secured in the first hour and a half after it started allocations.
So far, nearly 430 million STRK tokens — around 92% of the total available for distribution worth over $790 million — have been claimed by those eligible, according to data from Voyager.
Despite STRK’s price drop, Starknet’s total value locked is $73.5 million — a nearly 30% jump in 24 hours, according to DefiLlama.
Magazine: DeFi’s billion-dollar secret: The insiders responsible for hacks
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