Rekt Capital, a popular cryptocurrency expert, has put aside the potential timeline on which Bitcoin, the largest crypto asset, is expected to peak in the ongoing bull cycle, citing historical price trends. Rekt Capital’s analysis examines Bitcoin’s current price action and how it aligns with previous peaks in the bull cycle following the Bitcoin Halving.
Bitcoin Peak on the Horizon
Today, May 9, the price of BTC witnessed a decline below the $61,000 price level, showing a possible move in the market. disadvantage. However, Rekt Capital is not shocked by this move, as it believes that the more Bitcoin consolidates between the current price level and $70,000 after the halving, this cycle will slow down and re-synchronize with the regular, historically recurring halving cycle. As a result, given the price movements of past trends, he expects BTC to experience a bull market top between mid-September and October next year.
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Furthermore, he noted that due to Bitcoin’s current two-month consolidation period, the current pace of cycle acceleration has dropped from 260 days to 210 days.
The analyst highlighted that BTC reached its market peak approximately 518 days after the halving in the 2015-2017 cycle. Meanwhile, in the 2019-2021 bull cycle, it took about 546 days after the halving for the digital asset to reach its peak.
So in the event that BTC repeats these trends and the next bull market top occurs between 518 and 546 days after the halving, the peak of this cycle for Bitcoin could occur during the aforementioned time frames. This is why the expert is confident that the more time Bitcoin takes to stabilize, the better it will be to bring this cycle back in line with the usual halving cycle.
Possible retracement before an uptrend
While the analyst anticipates BTC To experience a pullback big enough to convince investors that the bull market is over, he urges investors not to get discouraged as the market will eventually turn around and continue its upward movement to resume. According to Rekt Capital, happy investors understand that there are times to panic and times to accumulate, and that the two often go hand in hand.
Currently the price is Bitcoin moving downwards after a slight recovery on Wednesday. The price of BTC is now down almost $60,700 as it was unable to rise above $65,500.
At the time of writing, the digital asset is showing positive momentum in the weekly time frame, while in the daily time frame it is trending down. Over the past week, BTC is up over 4% and down around 2.29% over the past day, trading at $60,860.
Both trading volume and market capitalization have also fallen by 2.45% and 2.20% respectively over the past 24 hours.
Featured image from iStock, chart from Tradingview.com