Bitcoin stuck in accumulation range, but a breakout is near

General

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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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