Share this article
Despite posting three consecutive positive weekly closes, Bitcoin (BTC) remains stuck in the $60,000-$70,000 accumulation zone. according to to a trader identified as Rekt Capital.
The current accumulation phase is a typical post-halving period recorded in previous cycles, as shared by traders on X. BTC’s failure to record a weekly close above $70,000 last week further strengthened the accumulation period.
However, after the current accumulation phase, Recto Capital highlight Only an uptrend phase remains for Bitcoin in the coming months.
There are two stages left in the cycle
Reaccumulation phase after half-life (red)
and the parabolic rally phase (green).$BTC #Cryptocurrency #Bitcoin pic.twitter.com/ALoV7q6JCI
— Rekt Capital (@rektcapital) May 27, 2024
Moreover, the consolidation period may soon end: “There is still room for further consolidation at these highs, but time is gradually running out for this stage,” the trader added. Therefore, according to Rekt Capital's prediction, the chance to buy BTC below $70,000 in this bull cycle may soon disappear.
Altcoin upside potential
After briefly losing support at the $250 billion market cap, the altcoin sector rebounded and recorded its highest weekly close since mid-April, Rekt Capital noted. If it can break through the $315 billion resistance, it could rise to $425 billion.
There are two stages left in the cycle
Reaccumulation phase after half-life (red)
and the parabolic rally phase (green).$BTC #Cryptocurrency #Bitcoin pic.twitter.com/ALoV7q6JCI
— Rekt Capital (@rektcapital) May 27, 2024
However, traders say this is only the second “altcoin hyper cycle” of 2024. A rally is expected to start soon, but Recto Capital Predict This hyper cycle sees prices reach a peak in July, followed by a correction and bottom in August and September.
After this bottoming out, a third hyper cycle will begin, peaking in October, before prices bottom out again in November-December, triggering a fourth hyper cycle in January 2025.
Share this article
