After the Bitcoin halves in April, investors and analysts are still waiting in suspense for the first cryptocurrency to make a significant price break. Bitcoin rose to $71,443 last week but then fell back down to $66,936. Rekt Capital is a renowned analyst from X who has offered an intriguing insight into the recent price movements. He also forecasted that BTC would finally start its long-anticipated upward trend.
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Bitcoin To Consolidate For A Long Time – Analyst
The series is a X posts on May 24Rekt Capital has noted that Bitcoin is now trading at the same price as it was before the event. “post-halving danger zone”The token’s value dropped by about 11 percent during this period. After this phase the highest-priced crypto attempted to break out but was rejected at the high-zone ($71,500).
Bitcoin Post-Halving “Danger Zone” Bitcoin has risen to $71500
The Macro Re-Accumulation Range has a high resistance at $71500, and that is the level where Bitcoin is rejected.
The consolidation continues and history suggest it will… https://t.co/YjZzimnFj9 pic.twitter.com/JGji7ZYOSe
— Rekt Capital (@rektcapital) May 24, 2024
This range is a consolidation period where Bitcoin can accumulate value over time before it could potentially break out at new highs. Rekt Capital claims that Bitcoin rejecting the $71,500 range is not surprising, since BTC does not break through the upper side of the reaccumulation zone on its first try after the half-off.
Rekt Capital predicts, using historical data on price movements, that Bitcoin’s price will continue to consolidate for several weeks after its halves until the 160th day. Then it is expected to finally experience a major breakout in September. This will cause fluctuations in portfolio values for investors.
This price consolidation may also offer investors the opportunity to purchase Bitcoins near the bottom of the range, allowing them to accumulate at relatively constant prices. Another group of short-term traders who are swing traders and day traders will likely be able to take advantage of these anticipated price changes between a support level and resistance, which can result in a significant amount profit.
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BTC price overview
Bitcoin’s current price is $68,720. It represents a 2.27 percent gain from the day before, a 2.31% increase over the week prior, and a 6.90% gain since the beginning of the month. Even though Bitcoin has gained, the daily trading volume is down by 45.68%, to $24 Billion. BTC’s all-time highest value of $73,750 is 6.94% lower than its current level. Bitcoin, the leader of the cryptocurrency market, is once again approaching significant resistance levels as its price has risen despite a decline in trading volumes.
The Economic Times chart and the featured image are from Tradingview
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Source: www.newsbtc.com