A widely followed crypto analyst believes Bitcoin (BTC) remains in a historic consolidation phase and predicts a massive breakout within months.
Pseudonymous crypto trader Rekt Capital tells his 476,600 followers on the social media platform X that Bitcoin’s consolidation phase could last another three months based on historic precedent.
“Bitcoin has been consolidating inside this re-accumulation range for three months now. And history suggests this could still go on for three months more. It shouldn’t be surprising therefore if price rejects from the range high resistance…
If history repeats, a Bitcoin breakout from the re-accumulation range would occur in September 2024.”
The analyst also says that Bitcoin’s cycle is slowing down after accelerating earlier this year when compared to historic cycles.
“In March 2024, Bitcoin reached new all-time highs to confirm an acceleration in the current cycle by 260 days compared to traditional halving cycles. However, Bitcoin has now been consolidating between ~$60,000-$70,000 for three months now. This has reduced the current cycle acceleration from 260 days to ~170 days.”
He says that the longer it takes for Bitcoin to break through the range of high resistance the better as it would put the current cycle more in line with prior ones and set the stage for a similar bull run.
“The fact that Bitcoin is struggling to break out is beneficial for the overall cycle. Bitcoin has never broken out this early in the post-halving period. If it did, the cycle would be accelerated to such a point that the bull market would simply be shorter than usual. This continued consolidation is enabling price to re-synchronize with historical halving cycles so that we can get a normal, usual bull run.”
Bitcoin is trading for $66,681 at time of writing, down slightly in the last 24 hours.
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The post Bitcoin Consolidating Ahead of Potential Breakout to New All-Time High, Says Analyst – Here’s the Timeline appeared first on The Daily Hodl.
