Bitcoin

Bull Market

Rekt

REKT

<p>Over the past day, Bitcoin has been trading between a low of $68,577.16 and a high of $70,230.82, targeting to breakout the resistance level at $69,000. Amidst slow market, the cryptocurrency community is monitoring with speculation, looking for the day BTC price will finally experience a breakout of its current range. Especially after the complete <a href="https://coingape.com/halving/bitcoin-halving/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin halving</a> on April 20, 2024, investors are eager to witness the repeat of the previous parabolic surges during bull runs. This article will delve into when this might happen.</p>
<p>Analysts at REKT Capital point to the latest monthly candle close, highlighting Bitcoin’s continued residence within a sideways “Re-Accumulation Range”.</p>
<p>This might seem like a frustrating pause, but it aligns with historical trends following the halving event, where a period of consolidation typically lasts around 150 days.</p>
<h2 id="strong-bitcoin-s-early-support-strong"><strong>Bitcoin’s Early Support</strong></h2>
<p>One major takeaway is Bitcoin’s successful retest of its previous <a href="https://coingape.com/blog/cryptos-hitting-new-all-time-high-this-early-june/" rel="noopener noreferrer nofollow">All-Time High</a> (ATH) as new support. This retest has held strong for three months, indicating stability. Historically, this retest typically happens much later in the Halving cycle, around 214 days.</p>
<p>However, this early adoption suggests <a href="https://coingape.com/price/bitcoin" rel="noopener noreferrer nofollow">Bitcoin</a> is ahead of schedule compared to past halving cycles.</p>
<p style="text-align: center;"><img decoding="async" class="aligncenter size-full wp-image-200413" src="https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-04-111059.png" alt="Bitcoin's successful retest of its previous All-Time High (ATH)" width="2156" height="1524" srcset="https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-04-111059.png 2156w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-04-111059-300x212.png 300w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-04-111059-1224x865.png 1224w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-04-111059-768x543.png 768w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-04-111059-1536x1086.png 1536w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-04-111059-2048x1448.png 2048w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-04-111059-150x106.png 150w" sizes="(max-width: 2156px) 100vw, 2156px"></p>
<h2 id="a-bull-market-on-fast-forward">A Bull Market on Fast Forward</h2>
<p>While the recent consolidation might seem like a slowdown,<a rel="noopener noreferrer nofollow" href="https://x.com/rektcapital/status/1797645088803131823" target="_blank"> REKT Capital</a> highlights that Bitcoin’s overall acceleration is still exceeding historical norms by over 170 days. This rapid ascent necessitates a further consolidation period to realign with traditional Halving cycles.</p>
<p>In fact, compared to the historical average of 150 days for a post-Halving breakout, Bitcoin has only consolidated for 49 days so far.</p>
<h2 id="strong-patience-is-key-strong"><strong>Patience is Key</strong></h2>
<p>So, what does this mean for investors?</p>
<p>While the current price action might seem sluggish, analysts like Rekt Capital point out that Bitcoin’s rate of acceleration is still exceeding historical norms. Ironically, for a healthy long-term trend, the price consolidation needs to continue – potentially for another 100 days – to fall in line with past cycles.</p>
<p>So, if you’re feeling impatient, embrace the current sideways movement! As Rekt Capital suggests, it might be exactly what this bull market needs to synchronize with historical patterns.</p>
<p>This isn’t to say a breakout is entirely out of the picture. Technical analysts like <a rel="noopener noreferrer nofollow" href="https://x.com/ali_charts/status/1797549291944444392" target="_blank">Ali Charts</a> point to potential breakouts based on technical indicators, such as the symmetrical triangle formation.</p>
<p>This viewpoint suggests a possible surge towards $74,400 if there’s a sustained close above the $69,330 resistance level. However, a more extended consolidation period remains a strong possibility.</p>
<h2 id="btc-price-current-action">BTC Price Current Action</h2>
<p>Bitcoin is currently trading at <span class="sc-d1ede7e3-0 fsQm base-text">$69,082.84</span> , a slight decline of 0.25% over the past day. The leading cryptocurrency by market cap has also witnessed an increase of 1.65% and 8% in value over the past week and month respectively. Although BTC has seen increased 24-hour trading volume by 22% to record approximately $22 billion, its market cap dropped slightly by 0.3% to $1.36 trillion. Nevertheless, the coin still dominates the market by 53.2%.</p>
<p style="text-align: center;"><img decoding="async" class="aligncenter size-full wp-image-200423" src="https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-04-113959.png" alt="BTC Price Current Action" width="2518" height="1266" srcset="https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-04-113959.png 2518w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-04-113959-300x151.png 300w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-04-113959-1224x615.png 1224w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-04-113959-768x386.png 768w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-04-113959-1536x772.png 1536w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-04-113959-2048x1030.png 2048w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-04-113959-150x75.png 150w" sizes="(max-width: 2518px) 100vw, 2518px"></p>
<h2 id="strong-looking-ahead-strong"><strong>Looking Ahead</strong></h2>
<p>While some analysts predict a crucial BTC price breakout soon, REKT Capital emphasizes the possibility of an extended consolidation phase based on historical trends. This doesn’t negate the ongoing bull market; it simply suggests a different timeline than some might anticipate. By understanding Bitcoin’s unique position within this cycle, investors can adjust their expectations and potentially position themselves for future gains.</p>
<p>The post <a href="https://coingape.com/blog/when-will-btc-price-breakout-happen/" rel="noopener noreferrer nofollow">When Will BTC Price Breakout Happen?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

When Will BTC Price Breakout Happen?

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