The post Will a 3.5% Bitcoin Rally Happen Soon? Analyst Claims appeared on BitcoinEthereumNews.com.

Per analysts, Bitcoin needs a 3.5% rally to close above $60,600, which will help reclaim its crucial re-accumulation range. Historical patterns suggested that Bitcoin’s price could reach around $65,000, following established cyclical behaviors. Bitcoin [BTC] has experienced varied price movements recently, with its price standing at $57,123.74 at press time, per CoinGecko. This marked a 1.79% decline in the past 24 hours but a 5.31% increase over the past week.  Rekt Capital, a well-known analyst, stated that Bitcoin needs to rally an additional 3.5% to close above $60,600 for a weekly candle close to reclaim the range low. This level is crucial for Bitcoin to re-enter its re-accumulation range, which has historically led to price increases. The trading volume for Bitcoin was $28,605,062,745 at press time, highlighting the intense market activity. Analysts observed that Bitcoin’s price movements and volume trends were critical indicators for traders in understanding potential future directions. Historical and predicted trends Rekt Capital’s analysis of Bitcoin’s historical performance from 2020 to 2024 indicated clear patterns following the halving events. On the 11th of May 2020, Bitcoin underwent a halving event, which was followed by an 11-week re-accumulation phase where the price dropped by 19.56%.  Subsequently, Bitcoin entered a parabolic upside phase lasting 23 weeks and 161 days, reaching a peak volume of 1.183M. Source: X In 2024, the chart projected similar trends with an 11-week re-accumulation phase, involving a volume of 142.103K, and a predicted parabolic upside over 22 weeks and 154 days, with a volume of 150.299K.  Key support levels were identified by orange circles, showing points of price consolidation. The projected peak price of around $65,000 underscored the potential for significant appreciation, following established cyclical behaviors. Bitcoin, on-chain AMBCrypto’s look at Coinglass’ data showed notable spikes in Bitcoin liquidations around late February, early April, and…

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Filed under: News - @ July 13, 2024 2:12 pm