Bitcoin price fluctuations have been a good indicator of how the market is doing and what the sentiment in the community is. While some are concerned about a slowdown in the Bitcoin rally, others think the currency is poised to hit higher notes.
Bitcoin’s Next Stop “Parabolic Upside”
Rekt, an analyst of crypto and a trader in the field, thinks Bitcoin is awaiting a phase of consolidation. As an example, consider the following: X postTrader highlighted the fact that the previous “Halvings,” BTC Saw “Re-Accumulation Ranges.”
This analyst has shared his Bitcoin chart during the “Halving,” He has previously BTC is used as a way to describe the situation. “Last Pre-Halving Retrace” Before April 19, 2019.
Analysts at that time noted the phase of re-accumulation. next. Bitcoin has gone through a major change during the last “Halving,” The chart shows the results.
Two consolidation periods were followed by two reaccumulation periods. “Post-Halving Parabolic Upside,” BTC reached its all-time highest (ATH) last cycle of $69,000.
Bitcoin Phases "Halving". Source: Rekt Capital on X
Rekt Capital stated that the cryptocurrency’s flagship has experienced at least five ranges of re-accumulation during this cycle. Similar to the previous cycle, it appears that the most recent re-accumulation range started at the “Pre-Halving Rally” phase. The analyst believes that this phase will then be followed by “Parabolic Upside” The past repeats itself.
Rekt Capital analyst Mikybull also seems to agree with Mikybull’s view, as both emphasize that Bitcoins’ “parabolic rally is loading.” Re-accumulation is a breakout. set to be “explosive,” You can also find out more about the following: “not many are prepared for this,” He added.
The analyst explained You can also find out more about us here. “the RSI on a macro scale is at the same level as it was in 2017, which was followed by a huge rally to cycle top.” According to him, the consolidation that is currently taking place comes from institutions who are preparing “for a huge rally to cycle top.”
Bitcoin Breakout: Analyst sets critical level
Bitcoins will be available a day earlier than usual “Halving,” The cryptocurrency suffered a price correction of 7% in just a few short hours. BTC dropped from trading between $64,000 and 63,000 to below $60,000 in just a few hours.
In the past few months, it appears that the biggest cryptocurrency by market cap has been steadily increasing. recovered From the Drop. Bitcoin recovered the $65,000 level of support over the weekend before it tested the $66,000, which was reclaimed by Monday.
BTC’s price has been hovering between $66,000-$67,000 for the last couple of days. It hasn’t been able, however to test the price resistance set at $67,000.
Crypto analyst Bluntz says that Bitcoin’s recent performance has been impressive. suggests The price of the car will remain in the range between $66,000 to $67,000.
But he believes BTC to be equally as dangerous. “gagging for a breakout soon,” As the chart shows a pennant bullish pattern developing. According to the analyst “once we clear 67k,” The market as a whole will soar above its latest ATH.
Bitcoin has risen 7.5% in the past week and 66.22% over the last 3 months.
Bitcoin's weekly performance. BTCUSDT Source: TradingView
Charts and Featured Images from TradingView.com
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