Rekt Capital, a popular cryptocurrency specialist left aside The potential timeline in which Bitcoin, the largest crypto asset, is expected to peak in the ongoing bull cycle, citing historical price trends. Rekt Capital analysis examines Bitcoin’s current price action and how it aligns with previous bull cycle peaks following the Bitcoin Halving Event.
Bitcoin Peak on the Horizon
Today, May 9, BTC price witnessed a drop below the $61,000 price level, demonstrating a potential move in the disadvantage. However, Rekt Capital is unfazed by this move as it believes that the more Bitcoin consolidates between current price levels and $70,000 after the halving, this cycle will slow down and resynchronize with its historically recurring regular cycle. halving. As a result, given previous trend price movements, he expects BTC to reach a bull market peak between mid-September and October next year.
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Furthermore, he noted that due to Bitcoin’s current two-month consolidation period, the current cycle acceleration rate has dropped from 260 days to 210 days.
The analyst highlighted that around 518 days after the Halving in the 2015-2017 cycle, BTC reached its market peak. Meanwhile, in the 2019-2021 bull cycle, the digital asset took approximately 546 days after the halving to reach the peak.
Therefore, if BTC reiterates these trends and the next bull market top occurs between 518 and 546 days after the Halving event, Bitcoin’s peak in this cycle could occur during the time frames mentioned above. This is the reason why the expert is confident that the longer Bitcoin takes to stabilize, the better it will be to align this cycle with the usual halving cycle.
Possible pullback before an uptrend
While the analyst predicts Bitcoin To experience a pullback large enough to persuade investors that the bull market is over, he urges investors not to be deterred, as eventually the market will reverse itself and resume its upward movement. According to Rekt Capital, fortunate investors understand that there are times of panic and times of accumulation and that the two often go hand in hand.
Currently, the price of Bitcoin is moving in the negative direction after a slight recovery on Wednesday. BTC price has now dropped to close to $60,700 as it failed to surpass $65,500 once again.
At the time of writing this article, the digital asset in the weekly period demonstrated positive dynamics, while in the daily period it showed a negative trend. Over the past week, BTC has increased by more than 4% and decreased by around 2.29% the day before, trading at $60,860.
Both trading volume and market cap also fell by 2.45% and 2.20% respectively in the last 24 hours.
Featured image from iStock, chart from Tradingview.com