Exploring the Next Move for Bitcoin (BTC) After 150 Days of Price Capitulation
- Bitcoin’s price is currently in a consolidation phase that could last for another 150 days, according to Rekt Capital.
- The cryptocurrency’s price action is now awaiting a potential impetus from the Federal Reserve.
- Bitcoin’s momentum has been range-bound between $60,000-$70,000 for the past two months.
Bitcoin is gearing up for a time-based capitulation phase that could last for another 150 days, according to crypto analyst Rekt Capital. The cryptocurrency’s price action is now awaiting a potential impetus from the Federal Reserve.
Bitcoin’s Price Consolidation
Bitcoin, the world’s largest cryptocurrency, has bounced back strongly from the lows of $57,000 last week and is currently consolidating around $64,000. Since the fourth Bitcoin halving last month, the BTC price has largely remained range-bound. According to Rekt Capital, Bitcoin has recently completed a price-based capitulation phase known as the Halving Retrace phase. The focus now shifts to the time-based capitulation that the ongoing Re-Accumulation phase will bring.
Historical Patterns and Future Outlook
Rekt Capital suggests that a consolidation period lasting over 150 days after the Halving is in line with historical price patterns. Such a prolonged consolidation phase is viewed as beneficial for the cycle as it moderates the rate of Bitcoin price acceleration. This extended consolidation period is anticipated to realign the current cycle with historical patterns observed after previous Halving events, which is considered a positive development for Bitcoin’s long-term growth and stability within the market.
Bitcoin’s Momentum and the Federal Reserve
In March 2024, Bitcoin surged to unprecedented heights, marking new All-Time Highs and indicating a significant acceleration in the current cycle. However, Bitcoin’s momentum has since stalled, with the cryptocurrency trading within a range of approximately $60,000 to $... Read the full article for FREE at COINOTAG!
