2024-7-30 11:30 |
Crypto analyst Rekt Capital has shared an analysis of Bitcoin’s price action and market position. The analyst highlighted the potential outcomes of Bitcoin’s consolidation and the close of the upcoming weekly candle.
Moreover, he suggests that a weekly candle close above his identified Key level could trigger a breakout from the re-accumulation range. However, historical patterns warrant caution.
#BTC
A Weekly Candle Close above ~$71500 would probably kickstart the breakout from the Re-Accumulation Range
However, history suggests Bitcoin should consolidate inside this Re-Accumulation Range for several weeks more
Extended consolidation here would get Bitcoin closer to… pic.twitter.com/DJgw1fsCUu
According to Rekt Capital, Bitcoin’s consolidation within the re-accumulation range is crucial for resynchronizing with historical halving cycles. He notes that a weekly candle close above $71,500 might trigger a breakout from this range.
However, historical patterns suggest that Bitcoin could consolidate for several more weeks before any movement.
Rekt Capital emphasized the importance of this consolidation phase, explaining that it could bring Bitcoin closer to aligning with its historical halving cycles. He pointed out that the current cycle’s acceleration is around 110 days, a substantial improvement from the 260-day acceleration observed in mid-March when Bitcoin reached new all-time highs.
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Short vs. Long Bull Runs: Investors’ DilemmaRekt Capital’s analysis presents a dilemma for investors. A breakout above $71,500 would likely signal an accelerated cycle, leading to a shorter but intense bull run, with BTC maybe setting new highs.
Conversely, extended consolidation within the re-accumulation range could result in a longer bull market, consistent with historical patterns.
The analyst suggests that there is no right or wrong answer in this scenario. Both potential outcomes are bullish, but they differ in terms of duration and intensity. While a breakout may appeal to those seeking quick gains, a prolonged consolidation could offer more sustained growth over time.
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The post Bitcoin Eyes $71.5k Close: Will It Ignite BTC Surge to New Highs? appeared first on CaptainAltcoin.
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