As an experienced analyst, I believe that Bitcoin’s recent price movement is in line with historical trends following the halving event. Renowned analyst Rekt Capital’s insights add credibility to the expectation of a prolonged consolidation period for BTC before experiencing its major price breakout.
After the Bitcoin halving in April, there’s been heightened excitement among analysts and investors regarding a potential significant price surge for the pioneering cryptocurrency. Despite Bitcoin reaching a high of $71,443 in the recent week, it experienced a correction and dipped as low as $66,936. Notably, well-known analyst Rekt Capital has offered an intriguing perspective on this latest price fluctuation and suggested a possible timeframe for when Bitcoin might initiate its long-awaited bullish trend.
Bitcoin To Consolidate For A Long Time – Analyst
On May 24th, Rekt Capital published a sequence of X posts, expressing concern that after the Bitcoin halving event, the digital currency entered a risky phase known as the “post-halving danger zone.” During this timeframe, Bitcoin experienced a decline in value by approximately 11%. Subsequently, Bitcoin made an effort to surge beyond its price range but faced resistance at the peak of $71,500 within the larger reaccumulation area.
#BTC
Since the Bitcoin Post-Halving “Danger Zone” ended, Bitcoin broke out to $71500
As a crypto investor, I’ve noticed that the Macro Re-Accumulation Range for Bitcoin has its Range High resistance around $71,500. This level has proven to be a significant point of rejection in the past.
The consolidation continues and history suggest it will…
— Rekt Capital (@rektcapital) May 24, 2024
In simpler terms, during this period, Bitcoin builds up value within a prolonged phase before possibly reaching new record-breaking prices. According to Rekt Capital’s analysis, it is normal for Bitcoin to be turned down at around $71,500 because it typically fails to surpass the upper limit of its consolidation range immediately after undergoing a halving event.
As a long-term Bitcoin investor, I believe based on historical trends that we’re in for a period of consolidation lasting several weeks, likely extending up to 160 days following the halving event. During this phase, Bitcoin’s price is anticipated to fluctuate between the ranges of $60,000 and $70,000. This means my portfolio value will experience some volatility as the market navigates these price movements.
On the other hand, this price stabilization may offer investors a chance to purchase Bitcoin close to the lower limit of the range, allowing them to regularly accumulate at relatively steady prices. Concurrently, short-term traders, including swing traders and day traders, might take advantage of the anticipated price swings between a firmly established support and resistance level, potentially yielding substantial profits.
BTC Price Overview
As a crypto investor, I’m observing that Bitcoin is presently priced at $68,720, representing a 2.27% daily increase and a 2.31% weekly growth. Over the past month, BTC has surged by an impressive 6.90%. However, I can’t help but notice that the daily trading volume for Bitcoin has dropped significantly by 45.68%, now standing at $24 billion. Moreover, Bitcoin is currently 6.94% below its all-time high of $73,750.
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2024-05-25 15:04