The world’s largest cryptocurrency Bitcoin (BTC) has been showing strength once again with double-digit gains over the past week and moving past $67,000 once again. As of press time, the Bitcoin price is trading at $67,132 with a market cap of $1.322 trillion. Many market analysts believe that Bitcoin is currently in the re-accumulation phase and this could be the final bargain before Bitcoin resumes its post-halving rally.
Bitcoin Provides Fional 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.
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.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
