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Bitcoin’s Longest Re-Accumulation Phase Could Push Price to $96K, Says Analyst
November 13, 2024 19:00 1 min. readWe may earn commissions from affiliate links or include sponsored content, clearly labeled as such. These partnerships do not influence our editorial independence or the accuracy of our reporting. By continuing to use the site you agree to our terms and conditions and privacy policy.
Bitcoin (BTC) has just completed one of its longest re-accumulation phases in history, according to popular crypto analyst Rekt Capital.
In a recent YouTube update, the anonymous trader pointed out that the cryptocurrency has been in an extended price discovery phase, surpassing previous cycles in 2021, 2017, and 2013.
Rekt Capital explained that, unlike earlier cycles, this current phase has already lasted four weeks without significant pullbacks.
In contrast, past bull runs typically saw price discovery last between five to eight weeks before a retracement occurred. He mentioned that if the current cycle is similar to previous ones, Bitcoin could experience a few more weeks of upward momentum before any major correction.
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Additionally, Rekt shared a price projection based on historical patterns, noting that if Bitcoin were to mirror the performance of the 2020 cycle, it could rise by as much as 106%. This would put the price of Bitcoin at approximately $96,500 by the end of 2024.
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