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Bitcoin (BTC) experienced a market shake-up following the FED’s interest rate decision after its last visit to the $70,000 level. The uncertainty of when interest rate cuts will occur has also caused a decline in the cryptocurrency market, with the price holding above the $63,000 level. Investors who have been following the market from past to present indicate that this is not a new phenomenon. So, what do these analysts think?
Analyst’s Bitcoin Comments
One of the well-known analysts in the cryptocurrency world, Rekt Capital, noted that despite the possibility of a breakout in Bitcoin, a few more months of consolidated price movement similar to the situation experienced until mid-2023 could continue.
Rekt Capital expressed these views in posts on June 20 on X, stating that Bitcoin has re-entered an accumulation phase following the recent halving.
This accumulation phase can be interpreted as a period of low volatility, a narrow price range, and preparation for potential price movements.
For Bitcoin to enter a recovery phase, it needs to surpass potential bottom levels. The process experienced in the past has been an obstacle to upward movements, indicating that Bitcoin might continue to move within this price range for a few more months.
Rekt Capital, in an effort to understand the price movement in BTC, examined the historical process, specifically noting the similarities with the bull markets of 2016 and 2020. In both periods, Bitcoin visibly consolidated before rising again.
Looking at the 2020 chart, Bitcoin’s price movement following the halving clearly shows an accumulation phase and a subsequent rise. Before the price increase, a visible support level had formed, followed by the classic post-halving price movement. By 2024, the chart highlights a parallel pattern to what was experienced in the past.
Bitcoin Mining and Current Status
On the other hand, it is known that the accumulation phase, which investors believe they are in, has had a significant impact on cryptocurrency miners. During this period, significant changes were observed in BTC mining, and according to recent data, miners’ reserves have fallen to historic lows.
As of the time of writing, BTC is finding buyers at the $63,500 level after a drop of over 2%. Additionally, the market cap has fallen to $1.25 trillion, while the trading volume has increased by 8% to $26.1 billion.
