A cryptocurrency analyst and trader says Bitcoin (BTC) is in the final stages of a pre-halving consolidation in preparation for the next leg up.
The analyst pseudonymously known as Rekt Capital tells his 72,300 YouTube subscribers that Bitcoin is currently in a reaccumulation phase and will soon undergo the final pre-halving retracement phase.
According to the analyst, the reaccumulation and pre-halving retracement stages are the two final phases that allow investors to load up on Bitcoin before BTC witnesses a steep upside move after the halving when miners’ rewards are cut in half.
“These two phases are the prime opportunities for Bitcoin. These are the last two phases that offer bargain buying opportunities before we embark on a post-halving parabolic rally to new all-time highs and beyond.”
Rekt Capital says that BTC will likely trade within a $10,000 price range for its reaccumulation phase.
“With this recent rejection from $70,000 it looks like we have the top of this re-accumulation range set in stone pretty much.
Now that just gives us the only question mark left, where is the bottom of this re-accumulation range? This downside wick [to around $62,000] has given us an idea that it is going to be at $60,000 or so.”
On when the surge to new highs could occur, the pseudonymous analyst says,
“Whatever downside we get here, that is really just going to be one of those final golden opportunities before we enter what’s essentially the last phase in the halving cycle – the post-halving parabolic upside phase that occurs many weeks or even months after the re-accumulation phase.”
Bitcoin is trading at $67,816 at time of writing.
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