As a seasoned crypto investor with several years of experience under my belt, I have learned to keep a close eye on Bitcoin’s price movements and market trends. The recent surge in Bitcoin’s price, which has seen double-digit gains over the past week and a move above $67,000 once again, is an exciting development for me.
Bitcoin, the most prominent cryptocurrency globally, has regained momentum over the past week, recording substantial double-digit increases and surpassing the $67,000 mark once more. At the current moment, the Bitcoin price stands at $67,132, while its market capitalization amounts to an impressive $1.322 trillion. Several market experts opine that Bitcoin is now in a re-accumulation phase, implying this could be the last opportunity for investors to secure purchases prior to Bitcoin’s anticipated post-halving surge.
Bitcoin Provides Fional Bargain Opportunity
Bitcoin, according to well-known crypto analyst Rekt Capital, is now experiencing its last price decline before continuing its upward trend following a halving event. Notably, the Halving Retrace of 2024 reached -23.6%, which represents the most significant pullback in this cycle. This Halving Retrace signifies the final chance for investors to buy at favorable prices in the post-halving phase.
As a crypto investor, I’ve observed that after the Halving event, there is typically a retracement period. This retracement marks the end of the foundation for the Re-Accumulation Range. This range usually spans a few weeks prior to the Halving and concludes with a breakout that occurs a few weeks afterward.
The price of Bitcoin varies between roughly $60,000 and $70,000, with the possibility of dips or peaks extending beyond these limits. The Re-Accumulation period may last for several weeks, extending up to 150 days, or approximately 5 months. Following its breakout from this region into a parabolic surge (green), Bitcoin experiences a rapid growth phase.
BTC Consolidation Phase Can Last Long
In the year 2020, Bitcoin underwent a decline of approximately 19% around the time of its halving event. After this dip, it went through a prolonged period of about 160 days during which its price remained relatively stable. Subsequently, Bitcoin entered a phase characterized by rapid and significant price increases.
In 2024, if historical trends hold true for Bitcoin after its halving, I anticipate a nearly -24% price retracement. Subsequently, the cryptocurrency may consolidate for approximately 160 days before entering a parabolic phase. This period of consolidation could indicate an extended phase of stability, following which we might witness significant price growth. By delving into Bitcoin’s cyclical behavior post-halving, this analysis sheds light on the potential for substantial price increases.
As a crypto investor, I’ve noticed that Bitcoin is currently sitting at around $66,100, with small traders unloading their coins despite a market rebound over the past week. According to Santiment’s analysis, this trend of smaller wallets selling to larger ones has historically been a positive indicator for Bitcoin’s price movement.
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2024-05-20 09:05