Bitcoin registers price growth for 7 months straight; what now?
Trader Rekt Capital assesses that Bitcoin is within an accumulation range, and points out two possible scenarios.
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Data aggregator CoinGecko shows that Bitcoin (BTC) closed March priced at $70,854.60, with 16.8% gains, and CoinGlass data shows that this is the seventh consecutive month of growth for the largest crypto by market cap.
The trader who goes by Rekt Capital on X posted that BTC is still within its weekly accumulation phase, which usually happens before price acceleration. Moreover, in a video published on Mar. 28, the trader points out that the accumulation area where Bitcoin is stuck ranges from $69,032.48 to $70,840.07.
This is a common pattern before Bitcoin halvings, Rekt Capital highlights, and it might end with significant upside if BTC breaks through the weekly accumulation range roof. A breakout movement may also mean that BTC might start a parabolic upward movement to new all-time highs before the halving, something that never happened in previous cycles.
However, if Bitcoin doesn’t start a strong upward movement, the story of past cycles might repeat itself and BTC will still face another accumulation phase after its halving in this case.
“This re-accumulation range at this high is just noise, preparing us for the greater move. It’s a matter of ‘when’ rather than a matter of ‘if,’ and it’s also a matter of time because the more we consolidate here, the more opportunity for bargain buying we have here before we inevitably embark on that fantastic movement towards upside. So, any pulling back or any consolidation around here [the weekly accumulation range] is the final bargain buying opportunity before we enter a parabolic upside,” Rekt Capital concludes.
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