Bitcoin experienced a 4% increase in value after the halving event on April 20th. According to trader Rekt Capital, this marks a crucial phase of “post-halving reaccumulation” for Bitcoin, which is expected to last a few weeks before a significant parabolic appreciation near the $85,000 zone. The current price of Bitcoin is $66,476.29, up 3% in the last 24 hours.
Rekt Capital emphasizes that Bitcoin has remained stable in the “Low Reaccumulation Range” during this period. This suggests that Bitcoin has established its main range for the coming weeks. Many analysts see this 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, leading to new historical highs.
The trader also comments on the price dynamics between $60,000 and $70,000, noting that the longer Bitcoin stays within this range, the more extensive the subsequent bullish cycle could be. A report from Crypto Briefing supports this analysis, with peak expectations for Bitcoin between December 2023 and February 2025.
However, the trader cautions that when Bitcoin undergoes corrections or remains in a state of accumulation, the ongoing cycle is prolonged. It is forecasted that this cycle could last until September or October of the following year.
Disclaimer: The views expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.