The world of cryptocurrency often takes its cues from the ebb and flow of Bitcoin, the trailblazing disruptor of the cyber financial universe. The cyberspace is abuzz with speculations and predictions, both optimistic and pessimistic, attempting to decipher the possible hype or dip of the randy Bitcoin that, as signaled by certain analysts, might be gearing up to scale unprecedented heights.
A prominent voice in this echo chamber, Rekt Capital, a cryptocurrency analyst and trader, makes an intriguing argument about Bitcoin currently being in a state of regrouping, referred to as a ‘consolidation period’. Capital’s post interestingly draws parallels with the previous Bitcoin ‘Halvings,’ periods during which the cryptocurrency has witnessed what Capital terms as ‘Re-Accumulation Ranges.’ As per Capital’s interpretation, before Bitcoin could move to push the boundaries of its previous all-time high of $69,000, it had to undergo a re-accumulation phase, typically characterized by two periods of consolidation, followed by a ‘Post-Halving Parabolic Upside.’
Capital further sheds light on the current trends noticing that Bitcoin, during its current cycle, has successfully negotiated five such re-accumulation ranges. The latest one, akin to the last cycle, seems to have initiated during the ‘Pre-Halving Rally’ phase. If the history is set to repeat itself, a ‘Parabolic Upside’ is expected to follow soon after.
Adding credibility to Capital’s predictions, Mikybull, a fellow analyst, mirrors the optimism about Bitcoin’s impending ‘parabolic rally.’ He anticipates the resulting ‘re-accumulation breakout’ to be tremendously impactful; a development that, he says, many are ill-prepared for. Basing his forecast on the identical level of the Relative Strength Index (RSI) as present during the 2017 massive surge, he identifies this stage of consolidation as the preparatory ground laid by major institutional players for another ‘huge rally to cycle top’.
On the eve of Bitcoin’s ‘Halving,’ the cryptocurrency experienced a slight hiccup when it went through a price correction, losing 7% of its value within hours. Despite a sharp drop from its comfort bracket of $64,000- $63,000 to below the crucial $60,000 support zone, Bitcoin demonstrated resilience, swiftly recovering over the subsequent weekend to regain a firm foothold above the $65,000 support level. After successfully passing the $66,000 resistance, it set its eyes on the $67,000 mark.
While the recent performance of Bitcoin has largely revolved around the $66,000 and $67,000 range, failing thus far to challenge the supreme resistance at the $67,000 mark, crypto-analyst Bluntz offers an encouraging perspective. He believes that a bullish pennant pattern setting stage on the chart encapsulates the future course of Bitcoin that, as per him, is ‘gagging for a breakout soon.’ On crossing the $67,000 barrier, he anticipates a market-wide rally that would surpass the all-time highs.
At the time of drafting this story, Bitcoin is cruising along at $66,665, boasting a 7.5% rise from the previous week and an impressive 66.22% surge over the previous three months. As always entertaining an air of uncertainty coupled with unprecedented potential, Bitcoin lives to surge another day, leaving the cryptocurrency enthusiasts eagerly waiting for the next turn of tide and the thrilling ride ahead.
