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Highlights
- Popular crypto analyst Rekt Capital explains that Bitcoin is undergoing its final halving retrace.
- BTC price rally will start once its breaks out of its re-accumulation range of $60K-$70K.
- Bitcoin small traders are currently liquidating their holdings amid recent movement.
Bitcoin has demonstrated renewed vigor, recording double-digit gains over the past week and surpassing the $67,000 mark once more. At present, the Bitcoin price trades at $67,132, with a market capitalization of $1.322 trillion.
Numerous market analysts assert that Bitcoin is presently in the re-accumulation phase, suggesting that the current juncture may represent the last opportunity for investors to secure favorable prices before Bitcoin embarks on its post-halving rally.
Bitcoin Provides Final Bargain Opportunity
Popular crypto analyst Rekt Capital explained that Bitcoin is currently in the final halving retrace before it resumes the uptrend. The analyst notes that in 2024 so far, the Halving Retrace reached -23.6%, marking the deepest retrace of the current cycle. This Halving Retrace represents the final bargain-buying opportunity in the immediate post-halving period.
With the Halving Retrace now complete, it has established the foundation for the Re-Accumulation Range. This Re-Accumulation Range forms a few weeks before the Halving and ends with a breakout a few weeks afterward. As reported, there’s a strong Bitcoin whale accumulation currently underway in the market.
The range spans approximately $60,000 to $70,000, with occasional wicks extending beyond these boundaries. The Re-Accumulation phase can persist for several weeks, potentially lasting up to 150 days (or 5 months). Once Bitcoin breaks out from this area into a parabolic uptrend (green), it enters a phase of accelerated growth.
BTC Consolidation Phase Can Last Long
In 2020, Bitcoin experienced a -19% retracement around its halving event, followed by a 160-day consolidation period before entering a parabolic phase.
Similarly, in 2024, Bitcoin has retraced nearly -24% around its halving. If historical trends repeat, the cryptocurrency could consolidate for up to 160 days before breaking out into a parabolic phase, signaling significant price increases. This analysis highlights the potential for a substantial price surge following a period of stability, offering insights into Bitcoin’s cyclical behavior post-halving.
Santiment has observed that Bitcoin is hovering just above $66,100 as small traders continue to liquidate their holdings despite a crypto market rebound over the past week. Historically, the trend of small wallets selling their coins to larger wallets has been an encouraging and bullish sign for Bitcoin, it noted.
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