Bitcoin is again becoming the topic of conversation in the cryptocurrency market. It is getting close to $70,000 after an enormous rebound a few days ago.
This comeback has given crypto fans renewed optimism about the future of the digital asset leading up to the much-anticipated Bitcoin halving event.
Rekt Capital, an established cryptocurrency analyst and supporter, has shared their thoughts regarding how the market will change for Bitcoin before and after the split that is set to happen this month.
In preparation for this event, the analyst has laid out three clear stages that buyers should pay close attention to.
The last retrace before the halving, the re-accumulation phase, and the following parabolic uptrend are all part of these phases.
Bitcoin’s Pre-halving Retrace Completed
It is important to note that Rekt Capital emphasizes that the pre-halving retrace has already happened, with BTC falling 18%, compared to retracements of 38% in 2016 and 19% in 2020.The halving event is coming up, and this phase is a key time for buyers to get their positions right.
As the retrace comes to an end, Rekt Capital believes that the groundwork has been made for the re-accumulation range, which usually lasts for a few weeks before and after the halving.
Since Bitcoin’s price stays flat during this phase, it is an excellent opportunity to get ready for the significant rise that comes next.
During the re-accumulation phase, investors may get frustrated and lose optimism because they are not experiencing any significant returns.
This is why patience is so significant. Maintaining confidence and resilience is important for getting through this time and taking advantage of future opportunities.
Rekt Capital states that Bitcoin is about to break out of the re-accumulation range, which will be the start of a parabolic rise with swift price growth and more market activity.
People used to believe that this phase would last at least a year, but now that the market continues to rise , some people believe that this cycle may end more quickly.
At the moment, Bitcoin is making a comeback, which is fitting for these lessons from Rekt Capital. It showed how resilient it is by going back to its all-time high of $73,000. More than 6% has been added to Bitcoin in the last few days. It has risen above $70,000 after briefly falling below $67,000.
The most current news states that Bitcoin is now worth $70,854, which is an enormous increase from last week.
In the past day, Bitcoin’s market value has only gone up by 1%, but more than 21% fewer trades have happened. Still, the way the cryptocurrency market is going right now makes it appears that Bitcoin could make even more progress in the next few months.
