Mon Sep 23 15:00:30 UTC 2024: ## Bitcoin Poised for Another Bull Run, Mirroring 2020 Post-Halving Surge: Analyst

**[City, Date]** – Bitcoin (BTC) is showing signs of repeating its bullish surge following the 2020 halving event, suggesting a potential parabolic rally in 2024, according to crypto analyst Rekt Capital.

Rekt Capital highlights the similarities between Bitcoin’s price action in 2020 and 2024, particularly in the crucial 161-day post-halving period. After breaking out of its Re-Accumulation range in 2020, Bitcoin experienced a significant price surge driven by increased buying activity and bullish sentiment.

Currently, Bitcoin is positioned just after the 161-day post-halving period, with its price currently trading at $63,439, experiencing a 7.51% gain over the past week. This upward movement mirrors the pattern seen in 2020, further fueling expectations of a strong rally.

While the price is approaching key resistance levels, recent gains demonstrate strong bullish momentum. Support levels on the chart indicate strong buying interest, similar to the setup in 2020. This suggests a stable base for Bitcoin, potentially mitigating any price dips.

On-chain data also points towards a potential upward trajectory. Recent net Bitcoin outflows indicate reduced selling pressure, suggesting that market participants are holding onto their BTC, potentially positioning for further price increases.

Additionally, the Total Value Locked (TVL) in Bitcoin-related projects continues to grow, alongside increased active addresses, suggesting ongoing market activity and investor interest, which could serve as a catalyst for further price increases.

While the potential for a bullish rally is promising, it’s crucial to remember that the cryptocurrency market remains volatile. Investors are advised to conduct thorough research and proceed with caution.

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