Bitcoin Propped For Major Breakout By September, Analyst Explains Why
2024年5月25日 - 8:50PM
NEWSBTC
Following the Bitcoin halving in April, analysts and investors
remain on the edge of their seats in anticipation of a major price
breakout by the maiden cryptocurrency. While Bitcoin did rise to
$71,443 in the past week, the token soon suffered a retracement
falling as low as $66,936. Interestingly, renowned analyst
with X handle Rekt Capital has provided an interesting insight into
this recent price movement and also predicted the period BTC may
finally embark on a highly-anticipated bullish run. Related
Reading: Bitcoin Price Enters Make Or Break Zone: Analyst Reveals
Important Levels To Watch Bitcoin To Consolidate For A Long Time –
Analyst In a series of X posts on May 24, Rekt Capital noted that
after the halving event, Bitcoin entered the “post-halving danger
zone”, a period during which the token lost about 11% of its value.
Following this phase, the most-priced cryptocurrency attempted a
breakout which encountered a rejection at the range high zone
($71,500) of the macro re-accumulation range. #BTC Since the
Bitcoin Post-Halving “Danger Zone” ended, Bitcoin broke out to
$71500 However, ~$71500 is where the Range High resistance of the
Macro Re-Accumulation Range is and this is where Bitcoin rejected
from The consolidation continues and history suggest it will…
https://t.co/YjZzimnFj9 pic.twitter.com/JGji7ZYOSe — Rekt Capital
(@rektcapital) May 24, 2024 For context, this range represents a
long-term consolidation phase where Bitcoin accumulates value
before potentially breaking out to new highs. Rekt Capital states
that Bitcoin being rejected at the $71,500 price region is quite
expected as BTC never breaks through the high side of the
re-accumulation range on the first attempt after halving.
Based on historical price data, Rekt Capital anticipates Bitcoin
will now remain in consolidation for multiple weeks until 160 days
after halving before finally experiencing its major price breakout
in September. During this time, the premier cryptocurrency is
expected to trade between $60,000 and $70,000 which will result in
variations in the portfolio valuation for long-term
investors. However, this price consolidation can also present
opportunities for these investors to buy Bitcoin near the lower
boundary of the range thus consistently accumulating at relatively
stable prices. Meanwhile, short-term traders such as swing traders
or day traders are likely to capitalize on these expected price
fluctuations between an established support and resistance which
could result in significant profit. Related Reading: Bitcoin Bulls
Gain Breathing Room As Long-Term Holder Activity Eases – Glassnode
BTC Price Overview Bitcoin is currently trading at $68,720,
marking a 2.27% gain in the last day, a 2.31% gain over the past
week, and a 6.90% increase in the last month. Despite these gains,
its daily trading volume has dropped by 45.68%, now valued at $24
billion. BTC is also 6.94% below its all-time high of $73,750. The
recent price rise amid declining trading volume suggests cautious
investor sentiment, with Bitcoin consolidating within a narrow
range as the crypto market leader once again approaches significant
resistance levels. Featured image from The Economic Times, chart
from Tradingview
Bitcoin (COIN:BTCUSD)
過去 株価チャート
から 5 2024 まで 6 2024
Bitcoin (COIN:BTCUSD)
過去 株価チャート
から 6 2023 まで 6 2024