Bitcoin and Altcoins Enter The Re-Accumulation Phase Before Next Bull Run
On Friday, April 19, the much-awaited Bitcoin Halving 4.0 triggered at the block height of 840,000 while the Bitcoin price remained steady at around $64,000 levels. Everyone has been very optimistic that this Bitcoin halving will create a supply shock leading to a strong rally in the BTC price. Bitcoin Enters A Strong Re-Accumulation Phase The post Bitcoin and Altcoins Enter The Re-Accumulation Phase Before Next Bull Run appeared first on CoinGape.
On Friday, April 19, the much-awaited Bitcoin Halving 4.0 triggered at the block height of 840,000 while the Bitcoin price remained steady at around $64,000 levels. Everyone has been very optimistic that this Bitcoin halving will create a supply shock leading to a strong rally in the BTC price.
Bitcoin Enters A Strong Re-Accumulation Phase
Rekt Capital announces the conclusion of the Pre-Halving period and the initiation of Post-Halving Re-Accumulation starting today. This phase marks the final opportunity for bargain-buying before Bitcoin transitions into the Parabolic phase of the cycle.
Historically, the Bitcoin Pre-Halving Retrace has been a gradual setup for the next phase in the Bitcoin Halving Cycle.
During the Post-Halving Re-Accumulation Range (marked in red), the bottom of the Pre-Halving Retrace serves as the base of the Re-Accumulation (i.e., Range Low). With the establishment of this Range Low, a period of consolidation begins thus preparing for an eventual breakout into Parabolic Upside (highlighted in green).
Market analysts have already started predicting the next price targets for Bitcoin based on the post-halving behavior from the previous events.
In the latest analysis of Bitcoin’s potential price range within the 4th halving cycle, experts have also projected a considerable spectrum:
- Upper Bound: Approximately $4,500,000.
- Lower Bound: Around $140,000.
Price range for Bitcoin in the 4th halving cycle:
upper bound ~ $4,500,000
lower bound ~ $140,000That is *if* Bitcoin ends up following a growth trajectory in the range of the previous cycles. pic.twitter.com/s93yldJEI0
— ecoinometrics (@ecoinometrics) April 20, 2024
The Altcoin Roadmap Going ahead
After a strong runup in the pre-halving period and the entire Q1, altcoins have entered a strong retracement in recent weeks. This comes along with the Bitcoin price volatility witnessed in recent weeks.
Rekt Capital notes that altcoins are aligning with the projected trajectory. As observed, altcoins hit their bottom in early February, indicating a significant milestone in their market movement. Additionally, there was a noticeable sell-off among altcoins coinciding with the Bitcoin halving event, further reflecting their correlation with BTC’s market dynamics.
Looking ahead, Rekt Capital anticipates that altcoins will reach their bottom once again in the early summer, suggesting a continuation of their cyclical patterns within the broader cryptocurrency market.
Altcoins are following the plan…
Altcoins bottomed in early February
Altcoins sold off around the #BTC Halving
Altcoins to bottom early Summer
$BTC #BitcoinHalving #Bitcoin https://t.co/g5QUFID6jg pic.twitter.com/OsuH9kmgf5
— Rekt Capital (@rektcapital) April 20, 2024
The post Bitcoin and Altcoins Enter The Re-Accumulation Phase Before Next Bull Run appeared first on CoinGape.
