• 26 May, 2024
Markets News

Bitcoin and Altcoins Gear Up for Bull Run in Re-Accumulation Phase: Report

Bitcoin achieved its fourth halving on April 19, 2024, as the blockchain reached the 840,000 block milestone, with its price stabilizing at around $64,000. Industry experts are buoyed by the expectation that this halving would precipitate a supply shock, potentially triggering a bullish surge in Bitcoin’s value.

In a recent X post, Rekt Capital, a prominent figure in crypto analysis, declared the end of the Pre-Halving period and the beginning of the Post-Halving reaccumulation phase. This stage is seen as the last chance for investors to purchase at lower prices before Bitcoin enters the ‘Parabolic’ phase of its cycle, characterized by rapid price increases.

Historically, the period leading up to the halving, known as the Pre-Halving Retrace, has served as a strategic setup for the subsequent market phase. This cycle’s Post-Halving Re-Accumulation Range, delineated in red, identifies the base of this period as the Range Low. Following the establishment of this base, a consolidation period is expected, setting the stage for a breakout into significant gains, highlighted in green in market forecasts.

Source: Image by Rekt Capital

Analysts have already begun to outline potential future price targets for Bitcoin, reflecting the anticipated post-halving market behaviour. Predictions for this fourth cycle place Bitcoin’s potential upper bound at an astonishing $4.5 million, with a more conservative lower bound of $140,000.

The wider cryptocurrency market, including various altcoins, has mirrored Bitcoin’s price fluctuations. After a robust increase during the pre-halving phase and the year’s first quarter, these altcoins have experienced a marked downturn in recent weeks. 

According to Rekt Capital, altcoins are now following the expected trajectory, hitting their lowest point early in February, which marks a significant turning point in their market journey. A notable sell-off in altcoins coincided with the Bitcoin halving event, underscoring their intertwined market dynamics with Bitcoin.

Rekt Capital further predicts a resurgence in altcoin values early in the summer, suggesting that these assets will likely continue their cyclical behaviour within the broader context of the cryptocurrency markets. As investors and market watchers look ahead, the unfolding dynamics post-Bitcoin Halving 4.0 are set to provide a fascinating spectacle in the evolution of digital currencies.

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