Bitcoin (BTC), the largest cryptocurrency in the market, has been trading within a re-accumulation range between the $59,000 and $70,000 price levels for the past month and a half. Crypto analyst Rekt Capital recently shared its perspective on this phase and its potential duration, drawing from historical patterns and data in a post on social media platform X (formerly Twitter). Related Reading: Is SUI Sinking? TVL Tanks As Crypto Price Fails To Keep Afloat Breakout Timing And Historical Patterns According to Rekt’s analysis, Bitcoin tends to experience a re-accumulation range following the Halving event, which occurs every four years to counteract any inflationary effect on Bitcoin by lowering the reward amount for miners and maintaining scarcity. Historically, This consolidation phase lasts up to 150 days before Bitcoin breaks into a parabolic uptrend. Based on this pattern, if Bitcoin continues to consolidate for the next 150 days, Rekt suggests a breakout would be expected in September 2024. The ideal duration of a re-accumulation range is crucial in determining Bitcoin’s future trajectory. Rekt Capital noted that when Bitcoin reached a new all-time high (ATH) of $73,700 in mid-March, it accelerated its cycle by 260 days. However, with over 49 days of consolidation, the acceleration has reduced to approximately 210 days. Resetting The Bitcoin Halving Cycle Repeating historical trends, where Bitcoin consolidates for 150 days after the Halving, would still indicate an acceleration in the current cycle, albeit by a lesser extent of 60 days. Nevertheless, Rekt contends that Bitcoin would ideally need to consolidate for at least 210 days to fully resynchronize with its historical Halving cycles and reset the current acceleration in this cycle to 0. This would bring the rate of acceleration to 0 days and potentially lead to a breakout around November 2024. Related Reading: Analysts Call It: XRP Primed For A 700% Surge – Details The analyst further suggested that to achieve a 200+ day post-Halving consolidation and fully resynchronize with historical Halving cycles, Bitcoin would need to replicate its mid-2023 re-accumulation range, which lasted 224 days before a new uptrend emerged. Rekt concluded: Overall, how long this current Re-Accumulation Range will last will dictate the remaining acceleration in this cycle and ultimately influence where Bitcoin will finally peak in its Bull Market. The largest cryptocurrency, with a market capitalization of $1.2 billion, is currently trading at $64,400, showing minimal fluctuations compared to Thursday’s price movements. Recently, Bitcoin has encountered resistance at the $66,000 level, hindering its ability to consolidate above this threshold. Conversely, the $63,400 level may serve as a support base for the cryptocurrency in the event of heightened downward volatility over the weekend. Featured image from Shutterstock, chart from TradingView.com
