Analyst Narrows Down Timeline For Bitcoin Peak This Bull Cycle
Rekt Capital a popular cryptocurrency expert has set aside the potential timeline that Bitcoin, the largest crypto asset is expected to peak in the ongoing bull cycle, citing historical price trends. Rekt Capitals analysis examines the current price action of Bitcoin and how it aligns with previous bull cycle peaks following the Bitcoin Halving event.
Bitcoin Peak On The Horizon
Today, May 9, BTCs price witnessed a drop below the $61,000 price level, demonstrating a potential move on the downside. However, Rekt Capital is unshaken by this move as he believes the more Bitcoin consolidates between current price levels and $70,000 following the Halving, this cycle will slow down and resynchronize with its regular historically recurrent Halving cycle. As a result, given the price movements of past trends, he expects BTC to see a bull market top between the middle of September and October next year.
Furthermore, he noted that due to Bitcoins current two-month consolidation period, the present rate of cycle acceleration has dropped from 260 days to 210 days.
The analyst highlighted that about 518 days after the Halving in the 2015-2017 cycle, BTC reached its market peak. Meanwhile, in the 2019-2021 bull cycle, it took the digital asset approximately 546 days after the Halving to top out.
Thus, in the event that BTC reiterates these trends and the next bull market top takes place between 518 and 546 days post-Halving event, Bitcoins peak this cycle might occur during the aforementioned timeframes. This is the reason why the expert is confident that the more time Bitcoin takes to stabilize, the better off it will be for bringing this cycle back in alignment with the customary Halving cycle.
Possible Retracement Before An Uptrend
While the analyst anticipates BTC to experience a retrace large enough to persuade investors that the bull market is over, he urges investors not to be shaken out as it will turn around eventually to resume its upward movement. According to Rekt Capital, fortunate investors understand that there are moments to panic and moments to accumulate and that the two often go hand in hand.
Currently, the price of Bitcoin is moving on the downside after a slight recovery on Wednesday. BTCs price has now fallen close to $60,700 as it was unable to break above $65,500 once more.
Related Reading: Bitcoin Peak Pre-Halving Doesnt Guarantee Further Gains: AnalystAt the time of writing, the digital asset in the weekly timeframe is demonstrating a positive momentum, while in the daily timeframe, it is trending on the downside. In the past week, BTC has increased by over 4% and has decreased by about 2.29% in the past day, trading at $60,860.
Both the trading volume and market cap are also down by 2.45% and 2.20% respectively in the last 24 hours.
Read more: https://www.newsbtc.com/news/bitcoin/analyst-narrows-down-timeline-for-bitcoin-peak-this-bull-cycle/
Text source: NewsBTC
