As a seasoned crypto investor with several years of experience under my belt, I’m always keeping a close eye on market analysis and trends. The recent price recovery of Bitcoin from the dip below $57,000 to now trading above $62,000 is an encouraging sign for me. Rekt Capital’s analysis aligns with my understanding of Bitcoin’s post-halving behavior.
Bitcoin‘s price took a hit and dipped below $57,000 not too long ago, but it has since bounced back and is now trading above $62,000. One market expert believes that for Bitcoin to enter a parabolic growth phase, it must sustain its value above the $60,000 threshold.
As a crypto investor following Rekt Capital’s analysis, I’m thrilled to report that Bitcoin has officially moved out of the “danger zone” after the halving event. This prominent cryptocurrency analyst shared his insights with over 460,000 followers on microblogging platform X (previously known as Twitter). The Bitcoin price showed a noticeable rebound from the crucial Re-Accumulation Range Low support level.
As an analyst, I’ve been closely monitoring the post-halving “danger zone” for Bitcoin (BTC). I’m pleased to report that this period of potential volatility and uncertainty is now behind us. The cryptocurrency has bounced back strongly from its support level within the re-accumulation range. #Bitcoin #Crypto— Rekt Capital (@rektcapital) May 13, 2024
According to reports, the analyst has disclosed that Bitcoin’s price pattern undergoes three distinct stages during each halving event. The initial stage involves a price decline, marked by a significant drop of approximately 23% in this current cycle, which is essential for preparing the ground for the subsequent phase – the re-accumulation period.
As an analyst, I would explain it this way: In this stage, I acknowledge that the price is stabilizing. Bitcoin’s value during this period tends to oscillate within a particular band, which can be attributed to the market taking a breather following a significant rally. This phase includes occasional pullbacks and sideways trends, all part of the typical ebb and flow within a range-bound market.
During the re-accumulation stage, which may take several months, Bitcoin’s price experiences a gradual buildup. Subsequently, this phase gives way to the parabolic upward trend, characterized by rapid and significant price increases.
According to Rekt Capital’s analysis, the upcoming months of this year might not bring anything particularly notable for Bitcoin. However, they cautioned that there are only a few “unremarkable” months left before Bitcoin enters its parabolic growth phase.
I’ve recently learned that Susquehanna International Group, a prominent player in the Wall Street scene with a massive trading volume in various financial markets, has substantially boosted its investment in Bitcoin. According to CryptoGlobe’s report, their Q1 2024 position on Bitcoin amounts to an impressive $1.2 billion.
I recently came across some exciting news regarding my crypto investment portfolio. According to a filing with the SEC, Susquehanna International has acquired an impressive 17,271,326 shares in the Grayscale Bitcoin Trust (GBTC), which translates to around $1.09 billion as of March 31st. Additionally, they have purchased 1,349,414 shares of Fidelity’s spot Bitcoin ETF (FBTC), valued at approximately $83.74 million. These additions significantly boost my holdings in these popular Bitcoin investment vehicles.
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2024-05-15 01:29