The price of Bitcoin is likely to remain at its current levels judging by history
A well-known crypto analyst believes that Bitcoin (BTC) is likely to maintain its current levels after the brief correction to the $59,000 range.
The expert known on X (Twitter) as Rekt Capital pointed to historical trends that suggest Bitcoin will likely continue to trade in a range, bottoming out at $60,000 on the weekly chart before possibly breaking out.
According to him, historically, Bitcoin it failed to break through the high re-accumulation range early in the post-halving period. He further recalled that BTC never lost the bottom of this range as support during this period.
#BTC
Bitcoin was never able to break the ReAccumulation Range High so early in the Post-Halving period
BTC has also never lost its ReAccumulation Range Low as support in the Post-Halving period either
History suggests BTC should be able to hold here $ BTC #Crypto # Bitcoin https://t.co/quBSlVpKSm pic.twitter.com/pkNUGRn8FZ
- Rekt Capital (@rektcapital) June 24, 2024
The analyst further explained that while the current Bitcoin cycle started faster than previous ones, the pace has since slowed, suggesting that a more typical bullish period is likely to follow.
READ MORE:
US state passes bill to support BitcoinHe stated:
History suggests that a longer bull run may be on the horizon. Bitcoin's rate of acceleration has slowed by consolidating within the re-accumulation range, decreasing from 260 days to 160 days.
#BTC
Typically a longer Bull Run is on the cards, as per history
Bitcoin continues to reduce the rate of acceleration in this cycle through this consolidation in the ReAccumulation Range
The rate of acceleration has already dropped from 260 days to 160 $ BTC #Crypto # Bitcoin https://t.co/Jw7FcQuPSo pic.twitter.com/VZT87w7a39
- Rekt Capital (@rektcapital) June 24, 2024
Also, Rekt Capital noted that Bitcoin may be forming a descending channel pattern on the weekly chart as it retests the critical $60,000 support level:
As BTC approaches the area of its previous all-time high to retest it as support, it is important to look at the potential new patterns that could emerge during this pullback.
#BTC
As BTC looks to retest its old All Time High area as support again…
It's worth looking at ways in which $ BTC could form a new pattern on this retrace
At the moment, here's a possible pattern that may be emerging
Monitoring as the retrace develops #Crypto # Bitcoin pic.twitter.com/HWmr3KPBq9
- Rekt Capital (@rektcapital) June 24, 2024
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
