Bitcoin

Bull Market

Rekt (rektarb.xyz)

Rekt

REKT (rekt.game)

<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?

Table of Contents

Coingape News Media

Other articles published on Jun 4, 2024

Shiba Inu Burn Rate Escalates By 16,500%

5 Meme Coins to Watch in June 2024

Whale Buy Alert: Altcoins Poised for a Massive Surge!

$1.44 Billion Milestone Reached by Tokenized Treasury Bonds Market

Uniswap Launch Privacy Upgrade Amid Governance Vote Delay

Fetch AI, PEPE Get Thrown Out of the Game By MoonBag Getting Crowned the Best Crypto Presale in M...

Join our free newsletter for daily crypto updates!