Analyst believes Bitcoins inability to surpass 70k has been beneficial for the overall market cycle
The recent movement in the cryptocurrency market has sparked a debate on whether Bitcoin’s recent actions signal a final push in the past week or two. During Crypto Banter’s The Sniper Trading Show, an analyst examining the charts noted a disappointing fake-out. This suggests that yesterday, there were indications that the market bottom was potentially in place. If there is a rebound from this point leading to a breakout, it could confirm a very bullish scenario, possibly pushing us back to all-time highs in the near future.
However, reverting to the current trend does not necessarily mean the end of the bullish market; rather, it introduces another possible scenario that may unfold over a slightly extended period. Traders are advised to remain vigilant and adapt their strategies accordingly.
With Bitcoin now back in this trend, there is still a possibility of seeing levels around $62,000 to $63,000. When examining higher time frames, the main question remains when we will surpass the all-time highs. Therefore, it is crucial to maintain recent lows to sustain the momentum.
On the other hand, Rekt Capital highlighted that Bitcoin’s struggle to break out could actually be beneficial for its overall cycle. Historically, Bitcoin has never experienced an early breakout in the Post-Halving period. A premature breakout could significantly shorten the Bull Market. The current consolidation phase allows Bitcoin’s price to align with historical Halving cycles, promoting a more typical and sustained Bull Run.
In March 2024, Bitcoin achieved new All-Time Highs, showing a 260-day acceleration in the current cycle compared to traditional Halving cycles. However, in the last three months, Bitcoin has been consolidating within the range of approximately $60,000 to $70,000. This consolidation has slowed down the cycle’s acceleration, reducing it from 260 days to around 170 days.
Tags: Altcoins, Bitcoin, Crypto news, Cryptocurrency, Price Analysis.