Bitcoin Propped For Major Breakout By September, Analyst Explains Why

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,302,176,434,279	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,302,176,434,279

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-326.00	-0.49%	66,313.00	66,312.99	66,313.00

Price Change

Price Change %

Current Price

Bid Price

Offer

-326.00

-0.49%

66,313.00

66,312.99

66,313.00

High Price	Low Price	Open Price	Prev. Close	52 Week Range
66,871.74	66,104.55	66,624.22	66,639.00	24,900.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

66,871.74

66,104.55

66,624.22

66,639.00

24,900.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	05:46:50	0.014300	66,313.00	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

05:46:50

0.014300

66,313.00

USD

Price x Volume	Volume	Base Symbol	Related Pairs
75,514,980.31	1,136.35	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

75,514,980.31

1,136.35

Bitcoin Propped For Major Breakout By September, Analyst Explains Why

25/05/2024 12:50pm

NEWSBTC

Following the Bitcoin halving in April, analysts and investors remain on the edge of their seats in anticipation of a major price breakout by the maiden cryptocurrency. While Bitcoin did rise to $71,443 in the past week, the token soon suffered a retracement falling as low as $66,936. Interestingly, renowned analyst with X handle Rekt Capital has provided an interesting insight into this recent price movement and also predicted the period BTC may finally embark on a highly-anticipated bullish run. Related Reading: Bitcoin Price Enters Make Or Break Zone: Analyst Reveals Important Levels To Watch Bitcoin To Consolidate For A Long Time – Analyst In a series of X posts on May 24, Rekt Capital noted that after the halving event, Bitcoin entered the “post-halving danger zone”, a period during which the token lost about 11% of its value. Following this phase, the most-priced cryptocurrency attempted a breakout which encountered a rejection at the range high zone ($71,500) of the macro re-accumulation range. #BTC Since the Bitcoin Post-Halving “Danger Zone” ended, Bitcoin broke out to $71500 However, ~$71500 is where the Range High resistance of the Macro Re-Accumulation Range is and this is where Bitcoin rejected from The consolidation continues and history suggest it will… https://t.co/YjZzimnFj9 pic.twitter.com/JGji7ZYOSe — Rekt Capital (@rektcapital) May 24, 2024 For context, this range represents a long-term consolidation phase where Bitcoin accumulates value before potentially breaking out to new highs. Rekt Capital states that Bitcoin being rejected at the $71,500 price region is quite expected as BTC never breaks through the high side of the re-accumulation range on the first attempt after halving. Based on historical price data, Rekt Capital anticipates Bitcoin will now remain in consolidation for multiple weeks until 160 days after halving before finally experiencing its major price breakout in September. During this time, the premier cryptocurrency is expected to trade between $60,000 and $70,000 which will result in variations in the portfolio valuation for long-term investors. However, this price consolidation can also present opportunities for these investors to buy Bitcoin near the lower boundary of the range thus consistently accumulating at relatively stable prices. Meanwhile, short-term traders such as swing traders or day traders are likely to capitalize on these expected price fluctuations between an established support and resistance which could result in significant profit. Related Reading: Bitcoin Bulls Gain Breathing Room As Long-Term Holder Activity Eases – Glassnode BTC Price Overview Bitcoin is currently trading at $68,720, marking a 2.27% gain in the last day, a 2.31% gain over the past week, and a 6.90% increase in the last month. Despite these gains, its daily trading volume has dropped by 45.68%, now valued at $24 billion. BTC is also 6.94% below its all-time high of $73,750. The recent price rise amid declining trading volume suggests cautious investor sentiment, with Bitcoin consolidating within a narrow range as the crypto market leader once again approaches significant resistance levels. Featured image from The Economic Times, chart from Tradingview

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