An analyst now says Bitcoin is slowly transitioning into a bull market based on patterns and cycles from the crypto’s history.
A cryptocurrency analyst and trader believes that Bitcoin (BTC) is currently moving into a bullish market phase.
The analyst, who goes by the pseudonym “Rekt Capital” and has 82,700 YouTube subscribers, states that based on the patterns seen in Bitcoin’s market cycles from 2016 and 2020, the cryptocurrency is likely to soon reach new all-time high (ATH) price levels.
“We are definitely transitioning slowly but surely into the bull market stage.
We’re probably already in this bull market phase, but we still have a lot more yet to come.”
Rekt Capital believes that Bitcoin could break out of what he calls the “post-halving re-accumulation phase” of the market cycle as soon as next month.
This prediction is based on historical precedent seen in previous market cycles.
Once Bitcoin breaks out of this re-accumulation phase, the analyst expects it to then enter the most explosive and bullish stage of the overall market cycle.
“If we think about 2020, then we saw a breakout from the re-accumulation phase, which is this red box, and we saw a breakout into the parabolic phase 160 days after the [halving].
We’re currently 126 days after the halving, and so we still have over a month or so to go.
So 160 days would see us break out in late September…
It took 150 days in 2016 to get us to that point.
Whereas in 2020, it took 160 days.
So anywhere from 150 to 160 days is where we should start to expect a historically recurring breakout from the re-accumulation phase after the halving to transition us into a post-halving parabolic upside phase.”
Bitcoin is currently trading at $60,513 at the time of this publication.
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Also Read: Kamala Harris Is Now Proposing Raising Crypto Tax to 28%
Other Crypto News Today
75% of Bitcoin (BTC) has now been held for more than 6 months according to fresh on-chain data that has been released.
A recent analysis of Bitcoin’s blockchain activity reveals that a significant portion of the cryptocurrency, roughly three-quarters, has remained untouched for at least six months.
This data, gathered by the blockchain analytics platform Glassnode, indicates that a large amount of Bitcoin is being held long-term, suggesting a strong belief in the asset’s future value.
This trend is particularly noteworthy given the recent price decline of Bitcoin, which has fallen by 21% from its all-time high.
Just a week ago, only about 45% of Bitcoin was inactive for at least six months, showing a rapid increase in long-term holding.
This suggests that despite recent price fluctuations, many Bitcoin holders remain confident in the asset’s long-term potential.
The fact that a large portion of Bitcoin hasn’t moved in months suggests that many investors are treating it as a long-term investment, holding onto it with the expectation that its value will rise in the future.
This “hodling” behavior also has the effect of reducing the amount of Bitcoin available for trading.
With less Bitcoin available and demand remaining high, the price of Bitcoin could potentially increase.
Experts had recently touched on Bitcoin’s major drop, but the cryptocurrency has now recovered since it’s monthly lower levels.
At the time of this publication, Bitcoin (BTC) is trading at 59,036.50.
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Also Read: Here Is What Experts Are Now Saying About Bitcoin’s Plunge
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