The changes in Bitcoin‘s price have set the rhythm for the crypto market and reflected the mood of the community. Some people are concerned that the rally may be losing steam, while other experts think Bitcoin is merely gearing up to hit even greater heights.
Next Stop: Bitcoin’s “Parabolic Upside”
According to crypto expert and market strategist Rekt Capital, Bitcoin (BTC) is presently going through a phase of stabilization or consolidation. In a recent social media post, Rekt pointed out that historically, during past “Halvening” events, Bitcoin experienced “Ranges for Re-Accumulation.”
The analyst presented a Bitcoin chart from the “Halving” period, which he had utilized in the past to demonstrate that the cryptocurrency was approaching its final price decline before April 19.
During that period, the analyst noted that a new accumulation phase was imminent based on past trends. This occurred during the last “Halving,” as depicted in the graph.
During this cycle, Bitcoin went through two stages of consolidation before experiencing a significant surge, referred to as the “Post-Halving Parabolic Upswing.” This phase propelled Bitcoin to reach its previous all-time high of $69,000.
Rekt Capital highlighted that, during this cycle, the flagship cryptocurrency has already experienced five re-accumulation ranges. Similarly to the last cycle, the latest re-accumulation phase seems to have started during the “Pre-Halving Rally” phase. Per the analyst, this will be followed by the “Parabolic Upside” if history repeats itself.
Mikybull, the analyst, holds a perspective akin to Rekt Capital’s, suggesting that Bitcoin’s “sharp price increase” is nearing its limit. He anticipates that the upcoming breakout from the accumulation phase will bring about “significant price action,” a development that many investors may be unprepared for.
The analyst shared that the RSI (Relative Strength Index) on a larger perspective is currently at the same point as it was in 2017. Back then, this level marked the beginning of a significant rally leading up to the market peak. Accordingly, he suspects that the present market quietness is due to institutions getting ready for another major rally towards the market peak.
Analyst Sets Crucial Level For Bitcoin’s Breakout
The day prior to Bitcoin’s “Halving” event, its price took a hit and dropped by 7% in a short time frame. Before this, Bitcoin had been fluctuating between $64,000 and $63,000. However, as a result of this correction, the cryptocurrency fell below the $60,000 mark, which now functions as its new support level.
After that setback, Bitcoin, the leading cryptocurrency by value, has been gradually bouncing back. Over the past few days, it regained the $65,000 mark and then attempted to breach the $66,000 level, which it succeeded in doing on Monday.
Recently, Bitcoin has fluctuated around the $66,000 to $67,000 mark for several days. Yet, it failed to break through the resistance level at $67,000 during this period.
Based on the analysis of cryptocurrency expert Bluntz, it seems that Bitcoin’s current trend indicates that its price will likely hover around the $66,000 to $67,000 mark for some time.
Despite his belief that Bitcoin needs to take a breather soon, the analyst notices a bullish sign in its price chart: a pennant pattern emerging. If this pattern plays out as expected and Bitcoin surpasses $67,000, the entire market is predicted to soar beyond its current all-time high.
At present, the price of Bitcoin stands at $66,665, marking a 7.5% rise over the past week and an impressive 66.22% growth during the previous three months.
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2024-04-24 23:46