The biggest cryptocurrency in the world, Bitcoin (BTC), has been rising steadily over the last week, hitting $67,000 once more and posting double-digit gains. With a market valuation of $1.322 trillion, Bitcoin is now trading at $67,132 as of this writing. According to many market analysts, this might be the last deal before Bitcoin begins its post-halving surge. They think the cryptocurrency is presently in the re-accumulation phase.
Bitcoin Offers a Final Opportunity for Bargain
According to well-known cryptocurrency analyst Rekt Capital, Bitcoin is going through its final half pullback before continuing its upward trajectory. The analyst points out that the Halving Retrace for 2024 has reached -23.6%, which is the lowest point of the current cycle. This retracement represents the last chance to purchase a deal in the short term following the Halving.
Now that the Halving Retrace has been completed, the Re-Accumulation Range has its basis defined. This Re-Accumulation Range forms a few weeks before the Halving, concluding with a breakout a few weeks later.
The range is between $60,000 and $70,000, and a few wicks go over these limits. The Reaccumulation phase may continue for a few weeks or as long as 150 days or five months. Once it emerges from this region into a parabolic rise (green), Bitcoin moves into a phase of faster development.
Phase of BTC Consolidation May Be Prolonged
Following its halving event in 2020, Bitcoin saw a -19% pullback. A 160-day stabilization period ensued before the cryptocurrency entered a parabolic phase.
In 2024, Bitcoin saw an almost -24% retracement around its half. The cryptocurrency may consolidate for up to 160 days before entering a parabolic phase, indicating considerable price increases if previous trends hold. This analysis provides insights into Bitcoin’s cyclical behavior post-halving. It emphasizes the possibility of a significant price spike after a period of stability.
Despite a recent surge in the cryptocurrency market, Santiment has noted that Bitcoin is trading just above $66,100 as tiny traders continue to sell their holdings. It pointed out that historically, the pattern of smaller wallets selling their coins to larger wallets has been positive and bullish for Bitcoin.
