Bitcoin has recently reached the $70,000 mark, showcasing a significant recovery from its previous dip. This has sparked optimism among cryptocurrency enthusiasts who are eagerly awaiting the upcoming Bitcoin Halving event. Rekt Capital, a prominent cryptocurrency analyst, has shared valuable insights regarding the three key stages of this crucial event that investors should pay attention to.
Rekt Capital’s analysis begins with the pre-halving retrace phase, which has already taken place. During this period, Bitcoin experienced an 18% pullback, notably less than the retracements seen in 2016 and 2020. According to the analyst, this phase presented the final opportunity to make a deal before the halving event. Moving forward from the retrace, Bitcoin enters the re-accumulation range, setting the stage for the next phase.
The re-accumulation range occurs in the weeks leading up to the halving event, with a potential breakout expected in the subsequent weeks. This phase could last anywhere from several weeks to 150 days, emphasizing the need for patience among investors. Rekt Capital stresses the importance of not getting discouraged during this sideways movement period, as it is crucial for the overall market trend.
Once Bitcoin breaks out from the re-accumulation range, it is anticipated to enter the parabolic uptrend phase. During this stage, the price of BTC typically experiences rapid growth and enters a bullish surge. Historically, this phase has lasted around a year, but with the current accelerated cycle, it could be shorter. The recent strength shown by Bitcoin, revisiting its all-time high, indicates a potential move towards this parabolic phase.
Bitcoin has witnessed a 6% gain in the past few days, reaching the $70,000 mark after a slight dip. The market capitalization has also increased by 1% while trading volume has seen a decrease. This positive momentum suggests that BTC could experience further gains in the upcoming months. It is important for investors to conduct their own research and exercise caution when making investment decisions in the volatile cryptocurrency market.
The analysis provided by Rekt Capital offers valuable insights into Bitcoin’s current situation and the potential market trends to watch out for. With the Bitcoin Halving event on the horizon, investors should stay informed and be prepared for the various phases that could impact the digital asset’s price movements. As always, it is essential to approach cryptocurrency investments with careful consideration and risk management strategies in place.
Leave a Reply