tells<\/a> his 73,400 YouTube subscribers that Bitcoin is currently experiencing a correction which typically occurs ahead of the halving.<\/p>\n\u201cSo we\u2019ve been talking about this danger zone for a while and we\u2019ve seen retracement in that danger zone. And, in fact, we are in the thick of this danger zone, we\u2019ve been in this danger zone for a month or so. And we\u2019ve already seen two pre-halving retraces.\u201d<\/i><\/p>\n
According to the pseudonymous analyst, going by previous Bitcoin cycles, pre-halving corrections typically set the stage for a bullish phase.<\/p>\n
\u201cYou can see that around the halving is when we typically see slowing down in the momentum for a little while, pulling back before embarking on the parabolic upside. And that\u2019s been the case in each cycle thus far and it will probably be the case in this cycle as well.\u201d<\/i><\/p>\n
On when Bitcoin could bottom out, the pseudonymous analyst says,<\/p>\n
\u201cAnything getting closer to a 20% pullback is fantastic for Bitcoin because that\u2019s typically when we tend to see limited downside occur and that\u2019s where we tend to typically also see extreme fear which tends to precede financial opportunity.<\/i><\/p>\n
So we are getting closer to that point, we are getting closer to that reversal point. But we don\u2019t quite know exactly where the bottom is.\u201d<\/i><\/p>\n
Bitcoin is trading at $62,405 at time of writing.<\/p>\n