Bitcoin experienced a 4% increase in value following the halving event on April 20th. Experts, including trader Rekt Capital, believe that this marks a crucial phase of “post-halving reaccumulation” for Bitcoin. They predict that this phase will last a few weeks before a significant parabolic appreciation, potentially reaching the $85,000 zone. At the time of writing, the price of BTC was $66,476.29, representing a 3% increase in the past 24 hours.
Rekt Capital emphasizes that Bitcoin has remained stable within the “Low Reaccumulation Range” during this period. This suggests that Bitcoin has established its main range for the upcoming weeks. Many analysts interpret this cycle as an opportunity for investors to acquire Bitcoin at a relatively affordable price before a potential rapid climb. Parabolic appreciation refers to a burst of accelerated growth in Bitcoin’s value, resulting in new all-time highs that will persist until the next cycle.
The trader also comments on the price dynamics between $60,000 and $70,000, noting that the longer Bitcoin remains within this range, the more extensive the subsequent bullish cycle could be. A report from Crypto Briefing supports this analysis, indicating that an early acceleration before the halving could shorten this cycle, with peak expectations for Bitcoin between December 2023 and February 2025.
However, the trader points out that whenever Bitcoin undergoes corrections or remains in a state of accumulation, as it is now, the ongoing cycle is prolonged. It is forecasted that this cycle could last until September or October of next year.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.