As we start 2024, everyone thought we were on the brink of a fantastic period and were happy. The first quarter was positive, and the second quarter was relatively good. However, in the last few months, while BTC was above $50,000, altcoins have been taking a relentless beating. Investors are facing psychological pressure similar to the tough days of bear markets.
Will Bitcoin Rise?
BTC will reach a new historical peak, a real historical peak, and after that, as BTCD weakens, we will see the expected rise in altcoins. However, for now, Bitcoin price is far from the needed demand even above $60,000. Due to the weekend, volumes have dropped even more in the last two days.
But there are those who have answers about what will happen. Crypto analyst Titan of Crypto, in his latest assessment, examined the Ichimoku cloud on a daily timeframe and wrote that he expects an exciting upward movement.
“BTC closed a candle above Tenkan and is now watching for a Kijun pullback.”
What the analyst mentioned is a leading signal of an upward breakout, and the second popular analyst Tardigrade was talking about BTC price repeating the long-awaited rapid rise performance. For now, BTC continues to linger at $59,848. After seeing its daily peak at $60,284, the BTC price fell back below $60,000. Although altcoins have recovered around 2% in this fluctuation, they are lingering near the bottoms.
Rekt Capital Predictions
The famous crypto analyst Rekt Capital, known for predicting major breakouts, wrote that the weekly close should be above $60,600 for a rise. The price is not far from the level he mentioned, but the unending profit-taking has caused the price to be stuck in a narrow range. The analyst hopes that the accumulation range will be reclaimed with this weekly close.
“This will also mark the end of the downward deviation bargaining period below the Reaccumulation Range (orange circle). Bitcoin tends to move parabolically ~160 days after the Halving. If history repeats, there is not much time left for Bitcoin to experience the expected breakout. We could see this happen by the end of September.”
