Both bitcoin (btc) and ethereum currently appear to be the center of attention in the cryptocurrency market so far, with bitcoin recently hitting a 24-hour high of $71,650, marking a 6.4% increase over the last 24 hours and almost 20.% over the past week.
A prominent crypto analyst who has since been following bitcoin's movements recently twitter.com/rektcapital/status/1792900331002540216?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>revealed information on the latest trends of the asset, indicating a notable advance for btc.
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bitcoin Path Analysis: What's Next?
crypto analyst Rekt Capital highlighted today on the
However, the analysts revealed that history suggests that bitcoin may need to consolidate within this range for several more weeks to align more closely with historical halving cycles, which have previously influenced its price trajectory.
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twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#btc
A weekly candle close above ~$71500 would likely prompt a breakout of the reaccumulation range
However, history suggests that bitcoin should consolidate within this reaccumulation range for several more weeks.
An extended consolidation here would bring bitcoin closer to… pic.twitter.com/Af0W4MMBTN
-Rekt Capital (@rektcapital) twitter.com/rektcapital/status/1792900331002540216?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>May 21, 2024
This prolonged period of consolidation, as the analyst highlights, could benefit bitcoin's long-term growth. In particular, it could help the cryptocurrency “resynchronize” with previous cycles, which could lead to a longer, more sustained bull run, rather than a shorter, faster cycle that peaks earlier. Rekt Capital noted:
After all, the current acceleration of the cycle is still around 190 days (which is an improvement over the 260-day acceleration set in mid-March, when btc hit new all-time highs).
The analyst noted that while both scenarios are bullish, the preference between a shorter bull run or a typically longer one remains a matter of market speculation. Currently, the discussion revolves around whether bitcoin can continue to defy historical trends with a break above the $71,500 range.
Parabolic rise ahead for bitcoin
Meanwhile, another analyst, TechDev, recently provided insight into bitcoin's possible future trajectory, drawing parallels between current market actions and those of the 2017 bull market.
Back then, bitcoin saw a significant surge, recording a 1,200% increase on its way to the previous high of $20,000. TechDev analysis suggests that bitcoin could be gearing up for another parabolic rise, potentially reaching $100,000, especially given its longest consolidation period in the current market cycle compared to 2017.
Supporting this view, RektCapital hinted that even a price of $72,000 would appear modest in the coming months if bitcoin continues on its projected path.
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twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#btc
Even $72000 will be a low price for bitcoin, in a few monthstwitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>$btc twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#crypto twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#bitcoin
-Rekt Capital (@rektcapital) twitter.com/rektcapital/status/1792616666418860051?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>May 20, 2024
Notably, the rise in bitcoin price recorded so far is influenced by a mix of optimism and anticipation surrounding the possible approval of ethereum spot ETFs and increasing inflows into bitcoin spot ETFs.
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Data Farside notes that bitcoin spot ETFs experienced their most substantial inflow week in two months, with the US fund category collectively achieving $948 million in positive net flows from May 13-17.
Notably, around 89% of these inflows occurred in the last three business days of the week, following a lower-than-expected Consumer Price Index (CPI) report.
Featured image from Unsplash, chart from TradingView
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