After the Bitcoin halves in April, investors and analysts are still waiting in anticipation for the first cryptocurrency to make a significant price break. Bitcoin rose to $71,443 last week but then fell back down to $66,936. Rekt Capital is a renowned analyst from X who has offered an intriguing insight into the recent price movements. He also forecasted that BTC would finally start its long-anticipated upward trend.
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Bitcoin To Consolidate For A Long Time – Analyst
A series of X posts on May 24Rekt Capital reported that Bitcoin has entered the mainstream after the halves. “post-halving danger zone”After this phase, the most-priced cryptocurrency attempted a breakout which was rejected at the range high zone ($71,500) of macro re-accumulation range. The most expensive cryptocurrency then attempted to breakout, but it was stopped by the zone high ($71.500) in the macro-reaccumulation range.
Bitcoin Post-Halving “Danger Zone” Bitcoin reached $71500 at the end of last year
Bitcoin has rejected at $71500. This is because this is where Range High resistance is located in the Macro re-accumulation range.
The consolidation continues and history suggest it will… https://t.co/YjZzimnFj9 pic.twitter.com/JGji7ZYOSe
— Rekt Capital (@rektcapital) May 24, 2024
To put this in context, the range below represents a phase of long-term accumulation where Bitcoin builds up value before possibly breaking to new heights. Rekt Capital says that Bitcoin’s rejection at $71,500 is expected, as BTC has never broken through the top of the range after the halves.
Rekt Capital, based on historic price data predicts that Bitcoin will remain in consolidation until 160 days following its halving. It is then expected to experience a major price breakthrough in September. The premier cryptocurrency will likely trade in this range between $60,000.00 and $70.000.00, which could affect the value of the long-term investor’s portfolio.
This price consolidation may also offer investors the opportunity to purchase Bitcoins near the bottom of the range, thereby accumulating Bitcoins at stable and consistent prices. Short-term traders, such as swing or day traders, are more likely to profit from these price variations between established resistance and support.
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BTC Price Overview
Bitcoin’s current price is $68,720. It represents a 2.27 percent gain from the day before, a 2.31% increase over the week prior, and a 6.90% gain since the beginning of the month. Even though Bitcoin has gained, the daily trading volume is down by 45.68%, to $24 Billion. BTC has also fallen 6.94% from its previous high of $73,750. Bitcoin’s recent rise in price amid a decline in trading volume indicates a cautious investor attitude. Bitcoin is consolidating inside a small range, as it once again reaches significant resistance levels.
Chart from Tradingview, Featured Image from The Economic Times
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Source: www.newsbtc.com
