Bitcoin (BTC) has just undergone one of the “most extended” re-accumulation ranges in its history, according to a popular crypto analyst.
In a new YouTube video, the pseudonymous trader known as Rekt Capital tells his 93,400 subscribers that BTC witnessed four weeks of uninterrupted price discovery during its 2021 bull run before enduring its first pullback, compared to eight weeks during the 2017 bull market and around six weeks in 2013.
[adinserter block="1"]“This is the first price discovery wave [of this cycle]. We’ve seen price discovery waves in the past, but we’ve always seen a price discovery correction after those waves, and if this is week two and we’ve seen four weeks here, eight weeks here and some five/six weeks here, this being week two, we still might have a few more weeks of upside before we see any sort of interruption in the trend via a deeper retrace.”
Rekt also shared a potential price prediction with his 506,600 followers on the social media platform X.
“The 2020 Candle 4 rallied +106% after breaking its respective 4-Year Cycle resistance ($13,856, black)
If Bitcoin were to repeat a +106% move in this current 2024 Candle 4, it would end the year at $96,500.”
BTC is trading at $87,865 at time of writing. The top-ranked crypto asset by market cap set a new all-time high on Monday of more than $89,800.
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