Expert Predicts Bitcoin’s Peak Timeline in Ongoing Bull Cycle
Renowned cryptocurrency analyst Rekt Capital has shared insights on when Bitcoin, the leading cryptocurrency, is expected to reach its peak in the current bull market based on historical price patterns. By examining the current price action of Bitcoin and comparing it to previous bull cycles following the Bitcoin Halving event, Rekt Capital has outlined a potential timeline for the peak.
- Bitcoin expected to peak between September and October next year
- Price consolidation between $61,000 and $70,000 crucial for cycle alignment
Bitcoin Peak On The Horizon
On May 9, Bitcoin’s price dropped below the $61,000 mark, indicating a possible downward move. However, Rekt Capital remains optimistic, suggesting that Bitcoin’s consolidation between its current price levels and $70,000 post-Halving will slow down the cycle, aligning it with historical Halving patterns. Based on past trends, Rekt Capital predicts that Bitcoin could hit a bull market peak between mid-September and October next year.
The current cycle acceleration has decreased from 260 days to 210 days due to the two-month consolidation period of Bitcoin, reflecting a slowdown in the cycle.
In the previous bull cycles, Bitcoin reached its peak approximately 518 days after the Halving in the 2015-2017 cycle and around 546 days post-Halving in the 2019-2021 cycle. If this trend continues, Bitcoin’s peak in the current cycle may fall within the mentioned time frames. Rekt Capital emphasizes the importance of Bitcoin stabilizing to realign with the typical Halving cycle.
Possible Retracement Before An Uptrend
While expecting a significant retracement in Bitcoin’s price that could deceive investors into thinking the bull market is over, Rekt Capital advises against panic selling. Investors are encouraged to remain steadfast as Bitcoin is likely to reverse its direction and resume its upward trajectory. Recognizing the moments to panic and accumulate is crucial for successful investing.
Bitcoin’s price has seen a downtrend following a brief recovery, hovering around $60,700 after failing to surpass $65,500 again.
- Bitcoin showing positive momentum in the weekly timeframe
- Daily timeframe indicating a downward trend
Over the past week, Bitcoin has recorded a 4% increase but experienced a 2.29% decline in the last day, currently trading at $60,860. Both trading volume and market capitalization have decreased by 2.45% and 2.20% in the past 24 hours.
Hot Take: Bitcoin’s Peak Prediction and Market Trends
As Bitcoin’s price fluctuates and experts analyze historical patterns to predict its peak in the ongoing bull market, it is essential for investors to stay informed and make informed decisions based on expert insights and market trends. Understanding the cyclical nature of Bitcoin’s price movements and the significance of Halving events can help navigate the volatile cryptocurrency market and optimize investment strategies.
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