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Bitcoin stuck in accumulation range, but a breakout is near

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Bitcoin's steady closures hint at a limited window for sub-$70K buys.

Golden Bitcoin on teal hints at breakout.

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Despite showing positive weekly closures for three weeks straight, Bitcoin (BTC) is still stuck in the accumulation zone between $60,000 and $70,000, according to the trader identified as Rekt Capital.

The current accumulation phase is a common post-halving period, registered in previous cycles, as shared by the trader on X. As BTC failed to register a weekly close above $70,000 last week, it consolidated its accumulation period further.

However, after the current accumulation phase, Rekt Capital highlights that there’s only a phase of upward parabolic movement left for Bitcoin in the next months. 

Furthermore, the consolidation period might be coming to an end soon. “While there is still scope for additional consolidation at these highs… The time left in this phase is slowly running out,” adds the trader. Therefore, the chances to buy BTC below the $70,000 mark in this bull cycle could vanish soon, according to Rekt Capital’s predictions.

Upside for altcoins

After briefly losing support on the $250 billion market cap, the altcoin sector rebounded and made its highest weekly close since mid-April, Rekt Capital points out. If it manages to breach the resistance at $315 billion, a run until $425 billion could follow the movement.

Yet, this is just the second ‘altcoin hypercycle’ for 2024, according to the trader. Although a rally is expected to start soon, Rekt Capital predicts a price top in July for this hypercycle, followed by a correction and bottoming between August and September. 

A third hypercycle starts after this bottoming, followed by a top in October and another price bottoming between November and December, which will trigger a fourth hypercycle in January 2025.

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