Rekt Capital a popular cryptocurrency expert has set aside This timeline shows the possible timeframe that Bitcoin will peak within the bull cycle. It is calculated by referencing historical prices. Rekt Capital’s analysis looks at the price of Bitcoin in relation to previous bull cycles peaks. Bitcoin Halving event.
Bitcoin Peak is on the Horizon
BTC price dropped below $61,000 today, May 9. This could indicate a move in the future. downside. Rekt Capital, however, is not shaken by the move. He believes that the longer Bitcoin remains between the current levels of price and the $70,000 level following the Halving Cycle, the slower it will be and the closer this cycle gets to its regularly recurring Halving cycle. In light of the past price trends, the analyst expects BTC’s bull market to peak between mid-September and early October. next year.
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He also noted that the current rate of acceleration for Bitcoin has decreased from 260 to 210 day due to its two-month period of consolidation.
Analysts noted that BTC’s market high was reached 518 days following the Halving of the cycle 2015-2017. In the bull cycle of 2019-2021, the digital asset reached its peak approximately 546 after the Halving.
If BTC continues to follow these trends, it will be a sign that the next Bull market peaks occur between 518-546 days following the event of halving. Bitcoins’ peak in this cycle could be during these times. Experts are confident because the expert knows that Bitcoin will return to its Halving Cycle if it takes more time for the price of Bitcoin to stabilise.
The Uptrend Can Retrace Before the Possible Retracement
Analysts anticipate BTC Investors should not panic if they experience a significant retracement, as the market will soon resume its upward trajectory. Rekt Capital believes that fortunate investors are aware that they can accumulate at times and panic when the market is low.
Price of Bitcoin After a small recovery on Wednesday, the price of BTC is now moving downwards. BTC is now trading at close to $65,500 as the price was not able to rise above it.
The digital asset is currently trending down in daily and weekly time frames. BTC is now trading for $60,860, a decrease of about 2.29 percent from the prior day.
The trading volume as well as the market capitalization have also decreased by 2,45% and 2.20%, respectively, in the past 24 hours.
Chart from Tradingview.com, iStock image.
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Source: www.newsbtc.com
