One widely followed crypto trader is breaking down Bitcoin (BTC) after a 9% crash over the last week.
Dulnefni dulritunarfræðingur Rekt Capital segir his 452,800 followers on the social media platform X that BTC’s current re-accumulation phase may fool some traders into thinking it’s a Bitcoin breakdown.
“One of the key things to note about Bitcoin’s Re-Accumulation Ranges throughout this cycle is this:
Downside wicks below the Range Lows tend to occur to trick investors into a fake breakdown (black circles) before resuming into an uptrend.”
Bitcoin is rapidly approaching the halving, a quadrennial event where BTC mining rewards are slashed in half. Indicators suggest the imminent event should occur sometime in the next week. According to Rekt Capital, that means the next bull cycle peak is still about a year and a half away.
“If history repeats…
Næsti hámark nautamarkaðarins gæti orðið 518-546 dögum eftir helmingunina
That’s mid-September or mid-October 2025.”
According to the analyst, although BTC may be in a pullback stage of accumulation, the crypto king has rallied from worse in the past.
“This is now an -18% deep pullback that has lasted 10 days thus far
Depth-wise, this is very close to bargain-buying territory based on pullbacks in this cycle (up to -23% deep at most)
Time-wise however, this is still one of the shortest retracements in this cycle (currently only 10 days long)
Previous pullbacks have lasted 2-3 weeks and at most up to two months”
BTC er $63,693 virði þegar þetta er skrifað, upp um 6% á síðustu 24 klukkustundum.
Taking a break from BTC, the analyst segir altcoins are in a downswing till at least late May, possibly early June.
“The Q1 Altcoin Hype Cycle is over
Now it’s time to be patient and wait for the Q2 Altcoin Hype Cycle to begin
This would translate into Altcoins bottoming in as early as mid-May, more realistically end of May or early June.”
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Source: https://dailyhodl.com/2024/04/18/the-q1-hype-cycle-is-over-crypto-analyst-updates-outlook-on-bitcoin-btc-after-deep-pullback/