While Bitcoin has experienced a significant increase recently, surpassing $67,000, analysts continue to interpret BTC’s price movements and make new predictions.
At this point, many analysts argue that Bitcoin is currently in a consolidation and reaccumulation phase.
Analysts note that the current phase presents an opportunity for investors to buy at affordable prices before BTC begins its post-halving rally.
One of these analysts, Rekt Capital, claimed that Bitcoin is in the halving decline and reaccumulation phase before starting the big bull rally.
Referring to historical data in his analysis, the analyst compared the last halving with the halving cycle that took place in 2020.
The analyst said that Bitcoin consolidated for 160 days before starting its parabolic rally after the halving in 2020 and experienced a retreat of approximately 19% after the halving, and pointed out that there was a 24% retreat after the 2024 halving.
According to the analyst, if history repeats itself, BTC may consolidate for up to 160 days, that is, more than 5 months, before entering the parabolic rally phase.
The analyst said that Bitcoin was in the reaccumulation phase before the parabolic rally and that the reaccumulation price range was approximately $60,000-$70,000.
#BTC
In 2020, Bitcoin performed a -19% retrace around the Halving
And then consolidated for 160 days after the Halving before breaking out into the Parabolic Phase of the cycle (green)
In 2024, Bitcoin retraced almost -24% around the Halving
And if history repeats, price… pic.twitter.com/5cSg3FTNGZ
— Rekt Capital (@rektcapital) May 19, 2024
This Data Points to Rise for Bitcoin!
Apart from Rekt Capital, Santiment analysts also evaluated Bitcoin data. At this point, Santiment analysts, who examined the movements of small wallets, said that despite the recovery in the crypto market last week, small investors continued to liquidate their assets.
Analysts also stated that large investors bought the assets sold by small investors. “Historically, small wallets emptying their money into larger wallets is an encouraging bullish sign for BTC.” said.
Bitcoin continues to trade at $67,027 at the time of writing.
🐟👋 #Bitcoin is dancing just above $66.1K as small traders continue to #liquidate their holdings despite the #crypto bounce over the past week. Historically, small wallets dumping their coins to larger wallets is an encouraging and #bullish sign for $BTC. https://t.co/wlz4XPhfMD pic.twitter.com/dTJAy5G6pL
— Santiment (@santimentfeed) May 19, 2024
*This is not investment advice.