The Bitcoin halving approaches 2024, but analysts say price action may see turbulence first. According to Rekt Capital, BTC typically experiences a "pre-halving retrace" where prices pull back and consolidate gains made in the lead-up.

Per Rekt Capital, BTC mirrors bull market price action from 2016 and 2020. After breaking its macro downtrend, BTC saw an upside into the halving event. Then, a pre-halving retracement occurred, creating a reaccumulation period before the next parabolic leg up.

In 2024, BTC already broke its downtrend but hasn't retested its previous resistance around $45K as support. Rekt Capital expects this "pre-halving retrace" soon, given the quickening pace of this bull cycle.

Others note BTC ranging in a narrow corridor around $52K resistance the past week. But seasoned analysts remain optimistic despite some bearish sentiment. Support at the 0.618 Fibonacci level near $48K remains key.

Sub-$50K is possible for the pre-halving pullback and consolidation, according to Cubic Analytics' Caleb Franzen. But panic is unwarranted given Bitcoin's largely rangebound price action the past week. Consolidation often precedes the continuation of an uptrend.

The halving remains a macro bullish force for Bitcoin. But analysts say brace for volatility in the pre-halving period, including a retracement under $50K support before the next bull run.