Bitcoin On The Verge? Analyst Breaks Down What A $71,500 Weekly Candle Close Means For BTC

Both Bitcoin (BTC) and Ethereum appear to currently be the center of attention in the crypto market so far, with Bitcoin recently hitting just above a 24-hour high of $71,650 mark, marking a 6.4% increase in the past 24 hours and nearly 20% over the past week. A prominent Crypto Analyst who has since been tracking Bitcoin’s movements has recently revealed insights into the asset’s latest trends, signaling a notable move ahead for BTC. Related Reading: Unstoppable Bitcoin? CryptoQuants CEO Foresees Bull Run Extending To 2025 Bitcoin’s Path Analyzed: What’s Coming? Crypto analyst Rekt Capital earlier today highlighted on the X platform that a weekly candle close above approximately $71,500 could potentially initiate a breakout from the current “Re-Accumulation Range.” However, the analysts disclosed that history suggests that Bitcoin may need to consolidate within this range for several more weeks to align more closely with historical Halving Cycles, which have previously influenced its price trajectory. #BTC A Weekly Candle Close above ~$71500 would probably kickstart the breakout from the Re-Accumulation Range However, history suggests Bitcoin should consolidate inside this Re-Accumulation Range for several weeks more Extended consolidation here would get Bitcoin closer to pic.twitter.com/Af0W4MMBTN Rekt Capital (@rektcapital) May 21, 2024 This extended consolidation period, as highlighted by the analyst, could benefit Bitcoins long-term growth. Particularly, it could help the cryptocurrency “resynchronize” with previous cycles, potentially leading to a longer and more sustained bull run, as opposed to a shorter, more accelerated cycle that peaks sooner. Rekt Capital noted: After all, the current acceleration in the cycle is still around 190 days (which is an improvement from the 260-day acceleration set in mid-March when BTC made new All Time Highs) The analyst pointed out that while both scenarios are bullish, the preference between a shorter or a typically longer bull run remains a matter of market speculation. Currently, the discussion revolves around whether Bitcoin can continue to defy historical trends with a break above the $71,500 range. Parabolic Rise Ahead For Bitcoin Meanwhile, another analyst, TechDev, recently provided insights into Bitcoin’s potential future trajectory, drawing parallels between the current market actions and those of the 2017 bull run. Back then, Bitcoin saw a significant rise, recording a 1,200% increase on its way to the previous high of $20,000. TechDevs analysis suggests that Bitcoin could be setting up for another parabolic rise, potentially reaching as high as $100,000, especially given its longer consolidation period in the current market cycle compared to 2017. Supporting this viewpoint, RektCapital hinted that even a price of $72,000 would seem modest in the coming months if Bitcoin continues on its projected path. #BTC Even $72000 will be a low price for Bitcoin, months from now$BTC #Crypto #Bitcoin Rekt Capital (@rektcapital) May 20, 2024 Notably, the surge in Bitcoins price recorded so far is influenced by a mix of optimism and anticipation surrounding the potential approval of Ethereum spot ETFs and increasing inflows into spot Bitcoin ETFs. Related Reading: Bitcoin Whales Quiet Down Heres Why And What It Means For The Market Data from Farside indicates that spot Bitcoin ETFs experienced their most substantial inflow week in two months, with the US fund category collectively achieving $948 million in positive net flows from May 13 to May 17. Notably, about 89% of these inflows occurred in the last three trading days of the week, following a lower-than-expected Consumer Price Index (CPI) report. Featured image from Unsplash, Chart from TradingView

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Is This Cycles Bitcoin Bottom In? Analysts Forecast BTC Bounce Back

As May 1st started, Bitcoin (BTC) faced a new correction that made the price stumble under the $60,000 support level. The flagship cryptocurrency has seen several retraces during this bull cycle, with BTC swiftly recovering the crucial support zones each time. However, in the past 24 hours, the largest cryptocurrency by market capitalization has struggled to regain its momentum. Some analysts believe Bitcoins bottom this cycle might be in as this correction officially became its deepest retrace. Related Reading: If History Repeats, This Is How Bitcoin Price Will Perform In The Next 6 Months Is The Bitcoin Bottom Here? In the early hours of Tuesday, Bitcoin started to plunge from the $64,000 price range. As the day continued, BTC prolonged its fall to briefly trading around $59,958 – $59,191 before recovering. This time, the recovery didnt last long as Bitcoins price resumed its downward trajectory to $57,000. In an X thread, crypto trader Milkybull examined some data suggesting the bottom might finally be in. According to the analyst, BTC is following the 2017 PA. This would suggest that either the bottom is in or close. Moreover, he urged investors to remember that while good news usually signals the top, bad news signals a bull markets bottom. In the thread, the trader pointed out that the Bitcoin Bull Market Support Band indicator historically serves strong support during BTCs bull cycles. As a result, he considers that the flagship cryptocurrency might wick through the support and bounce back. 2024's Bitcoin Bull Market Support Band indicator resembling 2017's. Source: MilkybullCrypto on X According to the analyst, Bitcoin and global liquidity are also strongly correlated, with BTC currently at a level it has previously bounced back from. These bouncebacks initiated huge rallies across the crypto market in October 2022 and October 2023. Lastly, the thread highlighted that Bitcoin is at a critical decision point for the local bottom. The trader considers that while some call for a $48,000 bottom, the $51,000 support level might be where BTC bounces back to resume its cycle to this cycles top. Bitcoins Deepest Retrace This Cycle According to crypto analyst and trader Rekt Capital, this correction has officially been the deepest BTC retrace this cycle. Per the post, todays -23.64% retrace surpasses the -22.91% retrace seen in February 2023. The analyst also compared this cycles Post-Halving pullback to 2016s. Moreover, the trader considers that this bullish cycle might be more similar to the 2016 one than investors think. #BTC We are here (orange circle) And we've seen Post-Halving pullbacks like this in the past (e.g. 2016)$BTC #Bitcoin #BitcoinHalving pic.twitter.com/OvOcmJTzFk — Rekt Capital (@rektcapital) May 1, 2024 Previously, Rekt Capital listed three reasons these two cycles might be similar. Per the trader, the resemblances include the Pre-Halving Re-Accumulation Range Breakout, the Pre-Halving Retrace Beginning, and the Similar Initial Reaction after the beginning of the Pre-Halving Retrace. After todays retrace, the analyst added the Continued downside in the three weeks after the Halving as a fourth similarity between the 2016 and 2024 cycles. Like eight years ago, Bitcoin faces an additional downside below the Range Low of its Re-Accumulation Range in the three-week window after Bitcoins Halving. Moreover, the analyst suggests that the current price development comes as no surprise, as it mirrors 2016s post-Halving Danger Zone. As of this writing, the flagship cryptocurrency is trading at $57,794.89. This correction represents a 6.2% drop in the past 24 hours. Similarly, BTC is registering 13.4% and 17.7% price decreases in the weekly and monthly timeframes. Related Reading: Bitcoin Price Nosedives, Can Bulls Save The Key Support at $60K? Bitcoin's price performance in the weekly chart. Source: BTCUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com

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Stellar (XLM) Potential Surge: Navigating Macro Trends Towards $1.8 $10 Range

Stellar (XLM) holds promise for substantial growth over the long haul, with analysts expressing optimism for its future trajectory. Projections suggest a notable uptick in its value, presenting an encouraging outlook. At the time of writing, the current price of Stellar stands at $0.113582, accompanied by a 24-hour trading volume of $118.80 million and a […]

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Analyst Predicts Litecoin (LTC) Potential to Reach $300 Heres When

Litecoin (LTC) recently underwent a decrease in value, dropping from its recent high of $112 to $71. However, despite this decline, LTC remains poised for potential significant growth in the long term. This optimism stems from the anticipation surrounding the upcoming Bitcoin Halving, which is expected to trigger a substantial upward movement in the cryptocurrency […]

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Hawaii Assembly Gives Clearance For A Crypto Task Force

On 3rd May, Hawaii’s committee of Commerce and Consumer Protection (CPN) and Ways and Means (WAM) gave its consent for a blockchain and cryptocurrency task force. The document is addressed to the president of the senate, called for establishing a task force to “create a master plan to explore the use and regulation of blockchain […]

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Evrynet Joins FDCI And Integrates SPEEDEX Into Its DEX DApp

Evrynet announced it will join the Stanford Future of Digital Currency Initiative (FDCI). Evrynet incorporates the SPEEDEX technology into the ...

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DCI Warns Kenyans Against New Wash Wash Scams

The Director of Criminal Investigations (DCI) has asked Kenyans to be cautious following the emergence of scammers using cryptocurrency investment platforms to con unsuspecting members of the public. Source link

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Dogecoins Correction Could Be the Final Dip Before a Rally Towards (ATH)

Dogecoin (DOGE) has just completed its second significant correction of the current bull cycle, closely resembling its previous market structure. The recent pullback aligns with DOGEs historical trends, particularly its 2017 price movement, suggesting that the meme coin may be gearing up for its next major leg upward. If Bitcoin (BTC) stabilizes, Dogecoin could be […]

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FTX to Sell Subsidiary Acquired for $10M to Coinlist for $500K Amid Bankruptcy Proceedings

FTX Trading Ltd. and its affiliates have announced a plan to sell a subsidiary it acquired for $10 million to Coinlist for $500,000, court documents filed on Feb. 9, 2024 show. The latest motion, filed in the United States Bankruptcy Court for the District of Delaware, details the proposed sale in order to maximize the [...]

The post FTX to Sell Subsidiary Acquired for $10M to Coinlist for $500K Amid Bankruptcy Proceedings appeared first on Crypto Breaking News.

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Stellar Hits Bottom: Huge Bullish Potential Signals Strong Growth Ahead

Stellar (XLM) is looking to break out of its consolidation pattern towards the upside. In a recent X post, Santana noted that Stellar could be preparing for a major bounce off the bottom after reaching it. The technical analysis of XLMBTC that compares the prices of Stellar with Bitcoin has pointed out the following signs […]

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Dogecoins Bullish Run: Pennant Breakout and Whales Spark Price Surge

Dogecoin (DOGE) is currently on a bullish trajectory, experiencing significant growth alongside the overall cryptocurrency market. This rise in DOGE’s value is closely tied to Bitcoins (BTC) recent breakout, which has provided a boost to altcoins like DOGE. As of today, DOGEs price is $0.414363, reflecting a 10.24% increase over the past 24 hours. This […]

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