{"id":604940,"date":"2024-04-24T20:30:36","date_gmt":"2024-04-24T20:30:36","guid":{"rendered":"https:\/\/wncen.com\/?p=604940"},"modified":"2024-06-11T07:28:50","modified_gmt":"2024-06-11T07:28:50","slug":"is-bitcoin-getting-ready-for-an-explosive-breakout-these-analysts-believe-so","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/is-bitcoin-getting-ready-for-an-explosive-breakout-these-analysts-believe-so\/","title":{"rendered":"Is Bitcoin Getting Ready For An Explosive Breakout? These Analysts Believe So"},"content":{"rendered":"

The fluctuations in Bitcoin’s price have marked the tempo of the crypto market and the community\u2019s sentiment. While some feel pessimistic about the rally slowdown, some analysts believe the flagship cryptocurrency is just getting ready to reach higher notes.<\/p>\n

Related Reading: Is The Bitcoin Top Already Here? This Historical Pattern Says So<\/a><\/div>\n

Next Stop: Bitcoin\u2019s \u201cParabolic Upside\u201d<\/h2>\n

Crypto analyst and trader Rekt Capital considers Bitcoin (BTC) is currently awaiting a period of consolidation. In an X post<\/a>, the trader highlighted that, during the previous \u201cHalvings,\u201d BTC saw \u201cRe-Accumulation Ranges.\u201d<\/p>\n

The analyst shared his chart for Bitcoin phases during the \u201cHalving,\u201d which he has previously<\/a> used to explain BTC was at the \u201cLast Pre-Halving Retrace\u201d before April 19.<\/p>\n

At the time, the analyst pointed out that the re-accumulation phase was next. Bitcoin went through one during the previous \u201cHalving,\u201d as seen in the chart.<\/p>\n

The re-accumulation consisted of two consolidation periods followed by the \u201cPost-Halving Parabolic Upside,\u201d which saw BTC reach last cycle\u2019s all-time high (ATH) of $69,000.<\/p>\n

\"Bitcoin,<\/p>\n

Bitcoin phases during the \"Halving\". Source: Rekt Capital on X<\/pre>\n
Rekt Capital highlighted that, during this cycle, the flagship cryptocurrency has already experienced five re-accumulation ranges. Similarly to the last cycle, the latest re-accumulation phase seems to have started during the \u201cPre-Halving Rally\u201d phase. Per the analyst, this will be followed by the \u201cParabolic Upside\u201d if history repeats itself.<\/p>\n
Analyst Mikybull seems to share a similar view to Rekt Capital\u2019s, as he highlights that Bitcoin\u2019s \u201cparabolic rally is loading.\u201d The re-accumulation breakout is set to be<\/a> \u201cexplosive,\u201d and \u201cnot many are prepared for this,\u201d he added.<\/p>\n
The analyst explained<\/a> that \u201cthe RSI on a macro scale is at the same level as it was in 2017, which was followed by a huge rally to cycle top.\u201d Based on this, he believes the current consolidation comes from institutions preparing \u201cfor a huge rally to cycle top.\u201d<\/p>\n
Analyst Sets Crucial Level For Bitcoin’s Breakout<\/h2>\n
A day before Bitcoin\u2019s \u201cHalving,\u201d the cryptocurrency faced a correction that shredded 7% of its price in a few hours. BTC went from hovering between the $64,000-$63,000 price range to trading below the $60,000 support zone.<\/p>\n
Since then, the largest cryptocurrency by market capitalization appears to have steadily recovered<\/a> from the drop. Over the weekend, Bitcoin regained the $65,000 support level before testing the $66,000 one, which it reclaimed on Monday.<\/p>\n
Over the last few days, BTC has hovered between $66,000 and $67,000. However, it has not been able to successfully test the resistance level set at the $67,000 price range.<\/p>\n
According to the crypto analyst Bluntz, Bitcoin\u2019s most recent performance suggests<\/a> that the price will continue to move sideways between the $66,000 and the $67,000 range.<\/p>\n
However, he also considers that BTC is \u201cgagging for a breakout soon,\u201d as the chart displays a bullish pennant pattern forming. Per the analyst, \u201conce we clear 67k,\u201d the whole market will fly above the latest ATH.<\/p>\n
As of this writing, Bitcoin is trading at $66,665, a 7.5% increase from a week ago and a 66.22% in the last three months.<\/p>\n
Related Reading: Standard Chartered Reaffirms $150,000 Bitcoin Price Target By Year-End<\/a><\/div>\n
\"BTC,<\/p>\n
Bitcoin's performance in the weekly chart. Source: BTCUSDT on TradingView<\/a><\/pre>\n
Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The fluctuations in Bitcoin’s price have marked the tempo of the crypto market and the community\u2019s sentiment. While some feel pessimistic about the rally slowdown, some analysts believe the flagship cryptocurrency is just getting ready to reach higher notes. Related Reading: Is The Bitcoin Top Already Here? This Historical Pattern Says So Next Stop: Bitcoin\u2019s \u201cParabolic Upside\u201d Crypto analyst and trader Rekt Capital considers Bitcoin (BTC) is currently awaiting a period of consolidation. In an X post, the trader highlighted that, during the previous \u201cHalvings,\u201d BTC saw \u201cRe-Accumulation Ranges.\u201d The analyst shared his chart for Bitcoin phases during the \u201cHalving,\u201d which he has previously used to explain BTC was at the \u201cLast Pre-Halving Retrace\u201d before April 19. At the time, the analyst pointed out that the re-accumulation phase was next. Bitcoin went through one during the previous \u201cHalving,\u201d as seen in the chart. The re-accumulation consisted of two consolidation periods followed by the \u201cPost-Halving Parabolic Upside,\u201d which saw BTC reach last cycle\u2019s all-time high (ATH) of $69,000. Bitcoin phases during the “Halving”. Source: Rekt Capital on X Rekt Capital highlighted that, during this cycle, the flagship cryptocurrency has already experienced five re-accumulation ranges. Similarly to the last cycle, the latest re-accumulation phase seems to have started during the \u201cPre-Halving Rally\u201d phase. Per the analyst, this will be followed by the \u201cParabolic Upside\u201d if history repeats itself. Analyst Mikybull seems to share a similar view to Rekt Capital\u2019s, as he highlights that Bitcoin\u2019s \u201cparabolic rally is loading.\u201d The re-accumulation breakout is set to be \u201cexplosive,\u201d and \u201cnot many are prepared for this,\u201d he added. The analyst explained that \u201cthe RSI on a macro scale is at the same level as it was in 2017, which was followed by a huge rally to cycle top.\u201d Based on this, he believes the current consolidation comes from institutions preparing \u201cfor a huge rally to cycle top.\u201d Analyst Sets Crucial Level For Bitcoin’s Breakout A day before Bitcoin\u2019s \u201cHalving,\u201d the cryptocurrency faced a correction that shredded 7% of its price in a few hours. BTC went from hovering between the $64,000-$63,000 price range to trading below the $60,000 support zone. Since then, the largest cryptocurrency by market capitalization appears to have steadily recovered from the drop. Over the weekend, Bitcoin regained the $65,000 support level before testing the $66,000 one, which it reclaimed on Monday. Over the last few days, BTC has hovered between $66,000 and $67,000. However, it has not been able to successfully test the resistance level set at the $67,000 price range. According to the crypto analyst Bluntz, Bitcoin\u2019s most recent performance suggests that the price will continue to move sideways between the $66,000 and the $67,000 range. However, he also considers that BTC is \u201cgagging for a breakout soon,\u201d as the chart displays a bullish pennant pattern forming. Per the analyst, \u201conce we clear 67k,\u201d the whole market will fly above the latest ATH. As of this writing, Bitcoin is trading at $66,665, a 7.5% increase from a week ago and a 66.22% in the last three months. Related Reading: Standard Chartered Reaffirms $150,000 Bitcoin Price Target By Year-End Bitcoin’s performance in the weekly chart. Source: BTCUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":604954,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,11434,89196,1119,78790,87242,89447],"class_list":["post-604940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-analyst","tag-bitcoin-bullish-breakout","tag-btc","tag-btcusdt","tag-bullish-chart-patterns","tag-crypto-analysts"],"acf":[],"yoast_head":"\nIs Bitcoin Getting Ready For An Explosive Breakout?<\/title>\n<meta name=\"description\" content=\"Bitcoin price fluctuations have worried some investors. 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.\",\"url\":\"https:\/\/wncen.com\/author\/rubmargarcia\/\"}]}<\/script>\n","yoast_head_json":{"title":"Is Bitcoin Getting Ready For An Explosive Breakout?","description":"Bitcoin price fluctuations have worried some investors. However, these analysts believe that BTC is getting ready to take off.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wncen.com\/news\/is-bitcoin-getting-ready-for-an-explosive-breakout-these-analysts-believe-so\/","og_locale":"en_US","og_type":"article","og_title":"Is Bitcoin Getting Ready For An Explosive Breakout?","og_description":"Bitcoin price fluctuations have worried some investors. 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.","url":"https:\/\/wncen.com\/author\/rubmargarcia\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is Bitcoin Getting Ready For An Explosive Breakout? 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