Market Expert Predicts When Bitcoin Price Will Reach Its Cycle Highs
06 Juillet 2024 - 4:30PM
NEWSBTC
Crypto analyst Rekt Capital has provided insights into when the
price of Bitcoin will reach its cycle highs. His analysis has
provided reassurance that the flagship crypto is still far from a
market top despite its recent decline to new lows this week.
Related Reading: Dogecoin Decimated: $5 Million Liquidation Sparks
14% Price Plunge When Will Bitcoin Peak In This Bull Run Rekt
Capital mentioned in an X (formerly Twitter) post that Bitcoin
could peak in this cycle sometime in mid-September or mid-October
2025 if history were to repeat itself. The analyst noted that
Bitcoin peaked 518 days after the halving event during the 2017
bull run and 546 days after the halving event during the 2021 bull
run. Based on this, the analyst predicts that Bitcoin’s
market top in this bull could occur between 518 and 546 days after
the halving event, which happened earlier in April. This timeline
puts the projected peak for Bitcoin sometime in September or
October next year. Meanwhile, Rekt Capital again alluded to the
fact that Bitcoin was accelerating in this cycle by 260 days
earlier this year. However, that is no longer the case thanks
to the over three-month consolidation period the flagship crypto
has experienced since the halving event. Rekt Capital claimed that
the rate of acceleration has “drastically dropped and is now
approximately 150 days.” He added that Bitcoin will likely
resynchronize with the traditional halving cycle the longer it
consolidates. The crypto analyst has also refused to be
deterred by Bitcoin’s current price action, which some claim
suggests that the bull run is over. However, Rekt Capital has
repeatedly stated that Bitcoin will retrace deep enough to convince
anyone that the bull run is over, and then it will continue its
uptrend. In another X post, Rekt Capital mentioned that
Bitcoin’s downtrend, which began last month, is one to watch for a
major trend shift. The analyst remarked that a break of the
“multi-week downtrend would result in the beginning of at least a
multi-week uptrend” for the flagship crypto. Bitcoin is now
trading at $56,693. Chart: TradingView ‘This Is Not The Cycle Top
Vibes’ Crypto analyst Mikybull Crypto also believes that the cycle
top isn’t in yet despite Bitcoin’s recent decline, stating that
this price action “is not the cycle top vibes.” The analyst also
said that Bitcoin’s current sell-off bottom might be closer than
everyone thinks and noted that this scenario played out in the
third quarter of 2023 when most people thought it was over.
Related Reading: Buy The Dip? XRP Whales Doing Exactly That – Is A
Price Rally Next? The analyst previously mentioned that the cycle
top isn’t in yet and simply classified this market downtrend as the
“final shakeout” before Bitcoin reaches its peak in this bull run.
Mikybull Crypto also claimed that Bitcoin has a cycle top price
target of $171,000, meaning that the flagship crypto will still hit
new all-time highs (ATHs) before the bull run was considered as
being over. Featured image from Getty Images, chart from
TradingView
Dogecoin (COIN:DOGEUSD)
Graphique Historique de l'Action
De Sept 2024 à Oct 2024
Dogecoin (COIN:DOGEUSD)
Graphique Historique de l'Action
De Oct 2023 à Oct 2024