Analyst Narrows Down Timeline For Bitcoin Peak This Bull Cycle
09 Mai 2024 - 6:00PM
NEWSBTC
Rekt Capital a popular cryptocurrency expert has set aside the
potential timeline that Bitcoin, the largest crypto asset is
expected to peak in the ongoing bull cycle, citing historical price
trends. Rekt Capital’s analysis examines the current price action
of Bitcoin and how it aligns with previous bull cycle peaks
following the Bitcoin Halving event. Bitcoin Peak On The Horizon
Today, May 9, BTC’s price witnessed a drop below the $61,000 price
level, demonstrating a potential move on the downside. However,
Rekt Capital is unshaken by this move as he believes the more
Bitcoin consolidates between current price levels and $70,000
following the Halving, this cycle will slow down and resynchronize
with its regular historically recurrent Halving cycle. As a result,
given the price movements of past trends, he expects BTC to see a
bull market top between the middle of September and October next
year. Related Reading: Historical Trends Unveil Bitcoin Peak Timing
in Current Bull Cycle Furthermore, he noted that due to Bitcoin’s
current two-month consolidation period, the present rate of cycle
acceleration has dropped from 260 days to 210 days. The analyst
highlighted that about 518 days after the Halving in the 2015-2017
cycle, BTC reached its market peak. Meanwhile, in the 2019-2021
bull cycle, it took the digital asset approximately 546 days after
the Halving to top out. Thus, in the event that BTC reiterates
these trends and the next bull market top takes place between 518
and 546 days post-Halving event, Bitcoin’s peak this cycle might
occur during the aforementioned timeframes. This is the reason why
the expert is confident that the more time Bitcoin takes to
stabilize, the better off it will be for bringing this cycle back
in alignment with the customary Halving cycle. Possible Retracement
Before An Uptrend While the analyst anticipates BTC to experience a
retrace large enough to persuade investors that the bull market is
over, he urges investors not to be shaken out as it will turn
around eventually to resume its upward movement. According to Rekt
Capital, fortunate investors understand that there are moments to
panic and moments to accumulate and that the two often go hand in
hand. Currently, the price of Bitcoin is moving on the downside
after a slight recovery on Wednesday. BTC’s price has now fallen
close to $60,700 as it was unable to break above $65,500 once more.
Related Reading: Bitcoin Peak Pre-Halving Doesn’t Guarantee Further
Gains: Analyst At the time of writing, the digital asset in the
weekly timeframe is demonstrating a positive momentum, while in the
daily timeframe, it is trending on the downside. In the past week,
BTC has increased by over 4% and has decreased by about 2.29% in
the past day, trading at $60,860. Both the trading volume and
market cap are also down by 2.45% and 2.20% respectively in the
last 24 hours. Featured image from iStock, chart from
Tradingview.com
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