Bitcoin(BTC): Pre-Halving Drop? / Repeat Of History?

Bitcoin's monthly chart is painting an intriguing picture as we edge closer to the April 2024 halving. The price is not only going for an attempt to test previous all-time highs but the RSI is echoing a pattern from the last pre-halving period, striking a pattern to be repeated with historical price movements.

As we see the RSI return to levels it last saw right before the drop caused by the halving, traders who have been in the business for a long time are on high alert for a possible repeat of history. The way the market is going now reminds us of the push before the halving.

P.S. Past performance does not always mean future performance, but the market is paying attention as so are we.

We will all be wise to consider the lessons of the past halving cycles, balancing optimism with a disciplined review of the RSI and price action.

Comment:

1st Day

The first day of the week has started with a very sharp movement to lower zones, resulting in some nice liquidity hunting for millions of dollars.

With prices getting rejected from the upper zone, we started slowly moving toward FVG zones that have been waiting long enough for them to be reclaimed again.

With that being said, it is a little early to say if it was just a long squeeze or if we had an actual rejection from the upper zones, but what we are going to do is look for a potential re-test in the upper zones (near $43,800) with an overall aim to re-claim those FVG areas!