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Home»BLOCKCHAIN NEWS»Bitcoin is stuck in an accumulation range, but a breakout is close.
BLOCKCHAIN NEWS

Bitcoin is stuck in an accumulation range, but a breakout is close.

By Crypto FlexsMay 27, 20243 Mins Read
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Bitcoin is stuck in an accumulation range, but a breakout is close.
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Despite three consecutive positive weekly closes, Bitcoin (BTC) is still stuck in an accumulation zone between $60,000 and $70,000. according to To traders identified as Rekt Capital.

The current accumulation phase is the typical halving period registered in the previous cycle shared by traders in The accumulation period was further consolidated as BTC failed to register a weekly close above $70,000 last week.

However, after the current accumulation phase, Rekt Capital highlight The next few months are just months away from Bitcoin’s upward parabolic move.

#BTC

There are two steps left in the cycle.

Re-accumulation phase after half-life (red)

and the parabolic rally phase (green).$BTC #Cryptocurrency #Bitcoin pic.twitter.com/ALoV7q6JCI

— Rekt Capital (@rektcapital) May 27, 2024

Moreover, the consolidation period may soon end. “There is still room for further consolidation at these highs… but the time remaining in this phase is slowly decreasing,” the trader adds. Therefore, according to Rekt Capital’s predictions, the opportunity to buy BTC below $70,000 in this bull cycle may soon disappear.

Advantages of Altcoins

After briefly losing ground against the $250 billion market cap, the altcoin sector rebounded to post its highest weekly close since mid-April, Rekt Capital notes. If it breaks the resistance level of $315 billion, it could rise to $425 billion.

#BTC

There are two steps left in the cycle.

Reaccumulation phase after half-life (red)

and the parabolic rally phase (green).$BTC #Cryptocurrency #Bitcoin pic.twitter.com/ALoV7q6JCI

— Rekt Capital (@rektcapital) May 27, 2024

However, according to traders, this is only the second ‘altcoin hypercycle’ of 2024. A rally is expected to begin soon, but Rekt Capital predict Prices in this hypercycle peaked in July, then corrected and hit lows between August and September.

After this low, a third hypercycle will begin, peaking in October and another price bottom between November and December, before a fourth hypercycle begins in January 2025.

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