Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Bitcoin’s Longest Re-Accumulation Phase Could Push Price to $96K, Says Analyst

Bitcoin’s Longest Re-Accumulation Phase Could Push Price to $96K, Says Analyst

CryptodnesCryptodnes2024/11/12 16:00
By:Cryptodnes

Bitcoin (BTC) has just completed one of its longest re-accumulation phases in history, according to popular crypto analyst Rekt Capital.

In a recent YouTube update, the anonymous trader pointed out that the cryptocurrency has been in an extended price discovery phase, surpassing previous cycles in 2021, 2017, and 2013.

Rekt Capital explained that, unlike earlier cycles, this current phase has already lasted four weeks without significant pullbacks.

In contrast, past bull runs typically saw price discovery last between five to eight weeks before a retracement occurred. He mentioned that if the current cycle is similar to previous ones, Bitcoin could experience a few more weeks of upward momentum before any major correction.

READ MORE:
D.O.G.E: Donald Trump Taps Musk and Ramaswamy to Lead New Government Efficiency Initiative

Additionally, Rekt shared a price projection based on historical patterns, noting that if Bitcoin were to mirror the performance of the 2020 cycle, it could rise by as much as 106%. This would put the price of Bitcoin at approximately $96,500 by the end of 2024.

<span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span>

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

BTC falls below $91,000

Cointime2024/11/16 12:44

ETH breaks through $3,200

Cointime2024/11/16 12:44

BNB breaks above $630

Cointime2024/11/16 12:44

FIL breaks through $4.5

Cointime2024/11/16 12:44