As a seasoned cryptocurrency researcher with over a decade of experience under my belt, I have witnessed the rollercoaster ride that is Bitcoin’s market performance. The current situation seems to be aligning with historical patterns, and if we go by the analysis of prominent trader Rekt Capital, we might just be on the cusp of another all-time high.
If Bitcoin manages to break free from its current accumulation stage this coming Saturday, as suggested by an analyst, it might reach a fresh record high.
As a seasoned crypto investor, I’ve been closely observing the market trends and recently, I found myself intrigued by Rekt Capital’s September 14 post. He hinted at Bitcoin potentially breaking free from its recent trading range, which it has been confined to since early March, if historical patterns hold true.
The analyst noted that, typically, Bitcoin tends to move out of its accumulation period, which occurs following a halving event, within a range of 154 to 161 days.
As a researcher studying the digital currency landscape, I find myself regularly discussing the Bitcoin halving event. This significant occurrence takes place roughly every four years and involves reducing by half the reward for miners who successfully create new Bitcoin blocks. This cutback in reward slows down the production of fresh Bitcoins to preserve its capped total supply of 21 million coins.
The most recent halving took place on April 20, 2024, which is approximately 157 days back – falling right inside the typical timeframe that could signal a possible surge, as suggested by Rekt Capital.
Previously in a post from X, the analyst pointed out that during both the 2016 and 2020 halving events, Bitcoin surpassed its accumulation phase after approximately 154 and 161 days. The analyst then emphasized that while history doesn’t always repeat itself exactly, the present circumstance is similar to past breakout periods.
According to Rekt Capital, historical trends indicate that we might be approaching a significant surge in Bitcoin’s price. If past patterns persist, Bitcoin may break free from its current price range within the coming days.
The analysis also pointed out that while September is typically a bearish month for Bitcoin, this cycle has defied expectations.
Starting from early September, the value of Bitcoin (BTC) rose by approximately 9.8%, moving upwards from its opening price of $58,147 all the way to a peak of $63,869 on the 24th of September. This surge marked Bitcoin’s most impressive September performance in over a decade, standing in stark contrast to the eight downturns it experienced during the preceding eleven years.
In the future, it’s possible that growing institutional interest could significantly impact Bitcoin’s price and propel it upward over an extended period. Analyst Eric Balchunas predicts that prominent Bitcoin ETF providers like BlackRock might significantly increase their Bitcoin holdings by the year 2025.
By investing in Bitcoin ETFs, more people are participating, which causes the issuers to acquire more Bitcoins to keep up with the demand. This increased demand puts pressure on the supply of Bitcoin, making it scarcer.
Bitcoin was exchanging hands at $63,623 at press time, up 7.7% over the past week.
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2024-09-24 14:54