As Bitcoin (BTC) reclaims the $67,000 level, the cryptocurrency market is abuzz with cautious optimism. This follows a week of double-digit gains for the leading crypto asset, sparking debate among analysts as to whether this is a true reaccumulation phase or a temporary reprieve.
Bitcoin is over $67 thousand again
At the time of this writing, Bitcoin is trading at $67,132 and has a market cap of $1.322 trillion. This latest rise follows a period of consolidation. Some analysts suggest that this may be the last buying opportunity before a significant price increase. Popular analyst Rekt Capital believes that Bitcoin is currently in the “final halving pullback” phase, which has historically preceded a major uptrend. It points to a -23.6% pullback seen in 2024, marking the deepest pullback of the current cycle.
According to Rekt Capital, this presents a significant opportunity for investors to accumulate Bitcoin before a potential parabolic rise. Rekt Capital outlines the concept of a “Reaccumulation Range” that typically occurs in the weeks before and after the Bitcoin halving event. This range, which ranges from roughly $60,000 to $70,000 with occasional fluctuations, can last for several weeks, potentially up to five months. When BTC breaks out of this range, a period of accelerated growth is expected, often referred to as a parabolic uptrend.
Previous halving cycles
Drawing parallels with previous halving cycles, Rekt Capital highlights the 2020 halving event. At the time, Bitcoin experienced a -19% pullback followed by a consolidation period that lasted 160 days before entering a parabolic phase. If this pattern holds for 2024, Bitcoin could potentially consolidate over a similar time frame, potentially reaching 160 days, before starting a significant price increase.
Small investors continue to sell their assets amid the recent market recovery. However, on-chain analysis firm Santiment observes this as a historically bullish indicator. In the past, periods when small wallets liquidated their positions coincided with periods of significant price appreciation for Bitcoin, indicating a potential buying opportunity for larger investors.
Other altcoins are rising
Despite the current optimism, uncertainties continue in the market. The overall sentiment of the crypto market remains cautious and some altcoins are bearish. However, some altcoins are also experiencing significant increases. The highest risers are as follows:
- Pendle (PENDLE): Pendle price increased by 6.74% to $5.29.
- Dogwifhat (WIF): WIF crypto price traded at $2.72, up 4.16%.
- Gnosis (GNO): Gnosis price increased by 3.84% to $312.88.
- Chainlink (LINK): LINK price increased by 2.95% to $16.95.
Among the losers, Pyth Network (PYTH) is at the top. PYTH lost 9% of its value. Celestia price fell 6% to $8.88. AKT price decreased by 5.59% to $5.51. XEC price lost 5.32% to $0.00004983.
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