Here’s What’s Next for Bitcoin After One of ‘Most Extended’ Accumulation in History, According to Analyst
Bitcoin ( BTC ) has just undergone one of the “most extended” re-accumulation ranges in its history, according to a popular crypto analyst.
In a new YouTube video , the pseudonymous trader known as Rekt Capital tells his 93,400 subscribers that BTC witnessed four weeks of uninterrupted price discovery during its 2021 bull run before enduring its first pullback, compared to eight weeks during the 2017 bull market and around six weeks in 2013.
“This is the first price discovery wave [of this cycle]. We’ve seen price discovery waves in the past, but we’ve always seen a price discovery correction after those waves, and if this is week two and we’ve seen four weeks here, eight weeks here and some five/six weeks here, this being week two, we still might have a few more weeks of upside before we see any sort of interruption in the trend via a deeper retrace.”
Rekt also shared a potential price prediction with his 506,600 followers on the social media platform X.
“The 2020 Candle 4 rallied +106% after breaking its respective 4-Year Cycle resistance ($13,856, black)
If Bitcoin were to repeat a +106% move in this current 2024 Candle 4, it would end the year at $96,500.”
Source: Rekt Capital/XBTC is trading at $87,865 at time of writing. The top-ranked crypto asset by market cap set a new all-time high on Monday of more than $89,800.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X , Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: DALLE3
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.
You may also like
Trump considers Kevin Warsh as Treasury secretary first, then Fed chairman
US Embraces Cryptocurrency to Reinforce Global Leadership in FinTech Innovation
241122: XRP Price Surges 25% as Headwinds for Ripple Clear Even More
XRP is closely-related to Ripple Labs, a high-profile payments company targeted by the SEC since 2020 on allegations of selling the token as a security to U.S. investors. Ripple fully cleared a long-drawn court case in 2024, bringing the spotlight back on XRP, a major token that commands a $77 bill