Rekt Capital, a popular cryptocurrency expert, has x.com/rektcapital/status/1788178630637486545″ target=”_blank” rel=”nofollow”>set aside the potential timeline in which bitcoin, the largest crypto asset, is expected to peak in the ongoing bull cycle, citing historical price trends. Rekt Capital's analysis examines the current bitcoin price action and how it aligns with the peaks of the previous bull cycle following the bitcoin halving event.
bitcoin peak on the horizon
Today, May 9, btc price witnessed a drop below the $61,000 price level, demonstrating a potential move in the Below. However, Rekt Capital is not affected by this move as it believes that the more bitcoin consolidates between the current price levels and $70,000 after the Halving, the more this cycle will slow down and resynchronize with its historically recurring Halving cycle. As a result, given past trend price movements, expect btc to see a bull market high between mid-September and October of next year.
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Furthermore, he noted that due to bitcoin's current two-month consolidation period, the current cycle acceleration rate has fallen from 260 days to 210 days.
The analyst highlighted that approximately 518 days after Halving in the 2015-2017 cycle, btc reached its market peak. Meanwhile, in the 2019-2021 bull cycle, it took approximately 546 days after Halving for the digital asset to peak.
Therefore, in the event that btc reiterates these trends and the next bull market peak occurs between 518 and 546 days after the halving event, bitcoin's peak in this cycle could occur during the time periods aforementioned. This is why the expert is confident that the longer bitcoin takes to stabilize, the better it will be to realign this cycle with the usual halving cycle.
Possible pullback before an uptrend
While the analyst anticipates btc To experience a pullback large enough to persuade investors that the bull market is over, it urges investors not to get carried away as it will eventually turn around and resume its upward movement. According to Rekt Capital, lucky investors understand that there are times to panic and times to accumulate and that the two often go hand in hand.
Currently, the price of bitcoin moves lower after a slight recovery on Wednesday. btc price has now fallen close to $60,700 as it failed to break above $65,500 once again.
At the time of writing, the digital asset on the weekly period is demonstrating positive momentum, while on the daily period, it is trending lower. Last week, btc rose by over 4% and declined by about 2.29% in the last day, trading at $60,860.
Both trading volume and market capitalization also fell by 2.45% and 2.20% respectively in the last 24 hours.
Featured image from iStock, chart from Tradingview.com
