On Friday, April 19, the highly anticipated Bitcoin Halving event occurred around block height 840,000, with the Bitcoin price hovering near $64,000. There’s been widespread optimism that this halving would cause a reduction in supply, potentially leading to a significant price increase for Bitcoin.
Bitcoin Enters A Strong Re-Accumulation Phase
Starting today, Rekt Capital declares that we have reached the end of the Pre-Halving period and are now entering the Post-Halving Re-Accumulation stage. During this time, it represents the last chance for investors to purchase Bitcoin at relatively low prices before it enters the Parabolic growth phase of its cycle.
In the past, the Bitcoin Pre-Halving Retrace has typically signaled the beginning of the next stage in the Bitcoin Halving Process.
In the time frame labeled “Post-Halving Re-Accumulation Range” on the graph (shown in red), the lowest point of the preceding retracement acts as the foundation for this range, also referred to as the range’s lower boundary. Once this lower boundary is set, a phase of price stability ensues, paving the way for an eventual surge upward in a parabolic trend, highlighted in green on the graph.
Bitcoin’s future price predictions are being made by market analysts, drawing from past trends following Bitcoin’s halving events.
Experts have estimated a wide range for Bitcoin’s potential price based on its current halving cycle.
- Upper Bound: Approximately $4,500,000.
- Lower Bound: Around $140,000.
Price range for Bitcoin in the 4th halving cycle:
upper bound ~ $4,500,000
lower bound ~ $140,000That is *if* Bitcoin ends up following a growth trajectory in the range of the previous cycles.
— ecoinometrics (@ecoinometrics) April 20, 2024
The Altcoin Roadmap Going ahead
In the lead-up to the bitcoin halving and throughout the first quarter, altcoins experienced significant growth. However, over the past few weeks, there has been a noticeable pullback for altcoins. This trend coincides with the unstable price swings of Bitcoin that have recently occurred.
According to Rekt Capital’s analysis, altcoins are following the expected path as indicated by their bottoming out in early February, which is a significant marker in their market trend. Furthermore, during the Bitcoin halving event, there was a noticeable selling off of altcoins, demonstrating their connection to Bitcoin’s market fluctuations.
Moving forward, Rekt Capital expects that the price of altcoins will hit rock bottom once more during the early summer, indicating a probable repetition of their typical trends in the wider cryptocurrency scene.
$ALTS
Altcoins are following the plan…
Altcoins bottomed in early February
Altcoins sold off around the #BTC Halving
Altcoins to bottom early Summer $BTC #BitcoinHalving #Bitcoin
— Rekt Capital (@rektcapital) April 20, 2024
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2024-04-20 16:02