#BTC
The 2016 cycle may be more similar to the 2024 cycle than we think
1. Pre-Halving Re-Accumulation Range Breakout
Just like in 2016, Bitcoin broke out from a Re-Accumulation Range to enter its "Pre-Halving Rally" phase (light blue) in 2024
2. Pre-Halving Retrace Beginning
Bitcoin began its Pre-Halving Retrace approximately 28 days before the Halving in both 2016 & 2024
3. Similar Initial Reaction After The Beginning of the Pre-Halving Retrace
In the week following the beginning of the Pre-Halving Retrace in 2016...
The Weekly candle produced a strong reaction as evidenced by a downside wick but this reaction was short-lived and preceded additional downside
Currently, Bitcoin produced an initially strong reaction via a downside wick but is showing signs that that reaction may have been short-lived
Bitcoin will need to continue to maintain these current highs to avoid a 2016-like fate where the initial reaction was strong but short-lived
