Noted cryptocurrency savant Rekt Capital recently divulged a potential timeline for Bitcoin’s apex in the ongoing bull cycle. He bases his theorizations on the historical trends of Bitcoin prices. Currently, Bitcoin is the most dominant digital currency worldwide.
On May 9, Bitcoin’s price dipped below an impressive $61,000 level, an occurrence that hints at a possible downward trajectory. Unfazed by the descent, Rekt Capital remains steadfast in his belief that should Bitcoin manage to straddle the projected price range between its current value and $70,000 post-halving, the cycle is likely to decelerate and recalibrate in congruence with the traditionally observed halving cycle. Leveraging past trends data, he prognosticates the bull market apex will materialize somewhere between mid-September and October next year.
Adding more layers to his forecast, the cryptocurrency maven pointed out Bitcoin’s ongoing two-month period of consolidation. As a result, the ongoing fruition rate of the current cycle has decelerated from a robust 260 days down to a significantly slower 210 days.
Moreover, he expanded upon how 518 days post-halving during the 2015-2017 cycle, Bitcoin merited its market zenith. Conversely, the 2019-2021 bull cycle necessitated close to 546 days post-halving for Bitcoin to reach its peak. Accordingly, if these trend lines are indicative of future behavior, and the next bull market climax falls within 518 and 546 days post-halving, Bitcoin will hit its zenith in the aforementioned windows. This premise affords Rekt Capital confidence that the longer Bitcoin requires for stabilization, the more favorable it will be for realigning this cycle with the typical halving cycle.
The seasoned analyst also conjectured that Bitcoin is likely due for a retraction substantial enough to convince investors that the bull market wave is on the wane. Nevertheless, he assures investors that this is a temporary trough, urging them to hold fast as he anticipates an eventual resurgence in value. The cryptographer stressed that sagacious investors discern the instances apt for panic and those suitable for accumulation — often, these instances coincide.
Actually, Bitcoin is witnessing a downtrend interspersed with a minor recovery that took place on a recent Wednesday. As a consequence, the digital behemoth now teeters close to a $60,700 threshold, given its inability to breach the previous record of $65,500 again.
At present, the digital currency displays a positive momentum on a weekly timeframe juxtaposed against a downward trend on a daily timeframe. In the last seven days, Bitcoin has inflated by over 4%, whilst recording a decrease of approximately 2.29% in the past day, resulting in a trading rate of $60,860.
Over the past 24 hours, there has been an observable reduction in both the trading volume and market cap by 2.45% and 2.20% respectively.
