Following the bitcoin halving in April, analysts and investors remain on the edge of their seats in anticipation of a major price breakout for the inaugural cryptocurrency. While bitcoin rose to $71,443 last week, the token soon suffered a pullback falling as low as $66,936. Interestingly, renowned
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bitcoin will consolidate for a long time – Analyst
In a series ofx.com/rektcapital/status/1793981246650884472″ target=”_blank” rel=”nofollow”> 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 around 11% of its value. After this phase, the most traded cryptocurrency attempted a breakout that found rejection at the upper range ($71,500) of the macro reaccumulation range.
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Since the post-bitcoin halving “danger zone” ended, bitcoin has reached $71,500
However, ~$71500 is where the upper range resistance of the macro reaccumulation range is and this is where bitcoin was rejected.
Consolidation continues and history suggests that it will… https://t.co/YjZzimnFj9 pic.twitter.com/JGji7ZYOSe
-Rekt Capital (@rektcapital) twitter.com/rektcapital/status/1793981246650884472?ref_src=twsrc%5Etfw” rel=”nofollow”>May 24, 2024
For context, this range represents a long-term consolidation phase in which bitcoin accumulates value before potentially reaching new highs. Rekt Capital claims that it is quite expected that bitcoin will be rejected in the $71,500 price region as btc never breaks the high side of the reaccumulation range on the first attempt after halving.
Based on historical price data, Rekt Capital anticipates that bitcoin will now remain in consolidation for several weeks up to 160 days after the halving before finally experiencing its major price breakout in September. During this time, the main cryptocurrency is expected to trade between $60,000 and $70,000, which will result in variations in portfolio valuation for long-term investors.
However, this price consolidation may also present opportunities for these investors to buy bitcoin near the lower end of the range, thus steadily accumulating at relatively stable prices. Meanwhile, short-term traders such as swing traders or day traders are likely to take advantage of these expected price fluctuations between an established support and resistance, which could lead to significant profits.
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btc Price Overview
bitcoin is currently trading at $68,720, which represents a 2.27% gain over the past day, a 2.31% gain over the past week, and a 6.90% increase over the past month. Despite these gains, its daily trading volume has fallen by 45.68%, now valued at $24 billion. btc is also 6.94% below its all-time high of $73,750. The recent price surge amid declining trading volume suggests cautious sentiment on the part of investors, with bitcoin consolidating within a tight range as the crypto market leader once again approaches resistance levels. significant.
Featured image from The Economic Times, chart from Tradingview
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