{"id":609160,"date":"2024-05-21T17:30:06","date_gmt":"2024-05-21T17:30:06","guid":{"rendered":"https:\/\/ktsl888.com\/?p=609160"},"modified":"2024-06-11T07:04:20","modified_gmt":"2024-06-11T07:04:20","slug":"bitcoin-on-the-verge-analyst-breaks-down-what","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-on-the-verge-analyst-breaks-down-what\/","title":{"rendered":"Bitcoin On The Verge? Analyst Breaks Down What A $71,500 Weekly Candle Close Means For BTC"},"content":{"rendered":"<p>Both Bitcoin (BTC) and Ethereum appear to currently be the center of attention in the crypto market so far, with Bitcoin recently hitting just above a <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/qcp-capital-sees-bitcoin-reclaiming-74k-highs-heres-why-btc-could-continue-its-rally\/\" target=\"_blank\" rel=\"noopener \">24-hour high of $71,650 mark<\/a>, marking a 6.4% increase in the past 24 hours and nearly 20% over the past week.<\/p>\n<p>A prominent Crypto Analyst who has since been tracking Bitcoin&#8217;s movements has recently <a href=\"https:\/\/twitter.com\/rektcapital\/status\/02540216?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">revealed<\/a> insights into the asset&#8217;s latest trends, signaling a <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/unstoppable-bitcoin-cryptoquants-ceo-foresees-bull-run-extending-to-2025\/\" target=\"_blank\" rel=\"noopener \">notable move ahead for BTC.<\/a><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/unstoppable-bitcoin-cryptoquants-ceo-foresees-bull-run-extending-to-2025\/\" target=\"_blank\" rel=\"noopener \">Unstoppable Bitcoin? CryptoQuant\u2019s CEO Foresees Bull Run Extending To 2025<\/a><\/div>\n<h2>Bitcoin&#8217;s Path Analyzed: What&#8217;s Coming?<\/h2>\n<p>Crypto analyst Rekt Capital earlier today highlighted on the X platform that a weekly candle close above approximately $71,500 could potentially initiate a breakout from the current &#8220;Re-Accumulation Range.&#8221;<\/p>\n<p>However, the analysts disclosed that history suggests that Bitcoin may need to consolidate within this range for several more weeks to align more closely with historical Halving Cycles, which have previously influenced its price trajectory.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">#BTC<\/a><\/p>\n<p>A Weekly Candle Close above ~$71500 would probably kickstart the breakout from the Re-Accumulation Range<\/p>\n<p>However, history suggests Bitcoin should consolidate inside this Re-Accumulation Range for several weeks more<\/p>\n<p>Extended consolidation here would get Bitcoin closer to\u2026 <a href=\"https:\/\/t.co\/Af0W4MMBTN\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/Af0W4MMBTN<\/a><\/p>\n<p>\u2014 Rekt Capital (@rektcapital) <a href=\"https:\/\/twitter.com\/rektcapital\/status\/02540216?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">May 21, 2024<\/a><\/p><\/blockquote>\n<p>This extended consolidation period, as highlighted by the analyst, could benefit Bitcoin\u2019s long-term growth. Particularly, it could help the cryptocurrency &#8220;resynchronize&#8221; with previous cycles, potentially leading to a longer and more sustained bull run, as opposed to a shorter, more accelerated cycle that peaks sooner. Rekt Capital noted:<\/p>\n<blockquote><p>After all, the current acceleration in the cycle is still around 190 days (which is an improvement from the 260-day acceleration set in mid-March when BTC made new All Time Highs)<\/p><\/blockquote>\n<p>The analyst pointed out that while both scenarios are bullish, the preference between a shorter or a typically longer bull run remains a matter of <a href=\"https:\/\/ktsl888.com\/news\/is-the-crypto-winter-thawing-us-bitcoin-etfs-record-first-inflows-in-weeks-coinshares\/\" target=\"_blank\" rel=\"noopener \">market speculation<\/a>. Currently, the discussion revolves around whether Bitcoin can continue to defy historical trends with a break above the $71,500 range.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/FXZPvGXQ\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1496\"><figcaption class=\"wp-caption-text\">BTC price is moving sideways on the 2-hour chart. Source: BTC\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<h2>Parabolic Rise Ahead For Bitcoin<\/h2>\n<p>Meanwhile, another analyst, TechDev, recently<a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-price-historical-1200-surge\/\"> provided insights into Bitcoin&#8217;s potential future trajectory<\/a>, drawing parallels between the current market actions and those of the 2017 bull run.<\/p>\n<p>Back then, Bitcoin saw a significant rise, recording a 1,200% increase on its way to the previous high of $20,000. TechDev\u2019s analysis suggests that Bitcoin could be setting up for another parabolic rise, potentially reaching as high as $100,000, especially given its longer consolidation period in the current market cycle compared to 2017.<\/p>\n<p>Supporting this viewpoint, RektCapital hinted that even a price of $72,000 would seem modest in the coming months if Bitcoin continues on its projected path.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">#BTC<\/a><\/p>\n<p>Even $72000 will be a low price for Bitcoin, months from now<a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">$BTC<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">#Crypto<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">#Bitcoin<\/a><\/p>\n<p>\u2014 Rekt Capital (@rektcapital) <a href=\"https:\/\/twitter.com\/rektcapital\/status\/18860051?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">May 20, 2024<\/a><\/p><\/blockquote>\n<p>Notably, the surge in Bitcoin\u2019s price recorded so far is influenced by a mix of optimism and anticipation surrounding the potential approval of Ethereum spot ETFs and <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-whales-quiet-down-heres-why-and-what-it-means-for-the-market\/\" target=\"_blank\" rel=\"noopener \">increasing inflows<\/a> into spot Bitcoin ETFs.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-whales-quiet-down-heres-why-and-what-it-means-for-the-market\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Whales Quiet Down \u2013 Here\u2019s Why And What It Means For The Market<\/a><\/div>\n<p><a href=\"https:\/\/farside.co.uk\/?p=997\" target=\"_blank\" rel=\"noopener nofollow\">Data<\/a> from Farside indicates that spot Bitcoin ETFs experienced their <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-etf-inflows-soar-to-highest-level-in-months-as-btc-price-surges-past-68000\/\" target=\"_blank\" rel=\"noopener \">most substantial inflow week in two months,<\/a> with the US fund category collectively achieving $948 million in positive net flows from May 13 to May 17.<\/p>\n<p>Notably, about 89% of these inflows occurred in the last three trading days of the week, following a lower-than-expected Consumer Price Index (CPI) report.<\/p>\n<p>Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Both Bitcoin (BTC) and Ethereum appear to currently be the center of attention in the crypto market so far, with Bitcoin recently hitting just above a 24-hour high of $71,650 mark, marking a 6.4% increase in the past 24 hours and nearly 20% over the past week. A prominent Crypto Analyst who has since been tracking Bitcoin&#8217;s movements has recently revealed insights into the asset&#8217;s latest trends, signaling a notable move ahead for BTC. Related Reading: Unstoppable Bitcoin? CryptoQuant\u2019s CEO Foresees Bull Run Extending To 2025 Bitcoin&#8217;s Path Analyzed: What&#8217;s Coming? Crypto analyst Rekt Capital earlier today highlighted on the X platform that a weekly candle close above approximately $71,500 could potentially initiate a breakout from the current &#8220;Re-Accumulation Range.&#8221; However, the analysts disclosed that history suggests that Bitcoin may need to consolidate within this range for several more weeks to align more closely with historical Halving Cycles, which have previously influenced its price trajectory. #BTC A Weekly Candle Close above ~$71500 would probably kickstart the breakout from the Re-Accumulation Range However, history suggests Bitcoin should consolidate inside this Re-Accumulation Range for several weeks more Extended consolidation here would get Bitcoin closer to\u2026 pic.twitter.com\/Af0W4MMBTN \u2014 Rekt Capital (@rektcapital) May 21, 2024 This extended consolidation period, as highlighted by the analyst, could benefit Bitcoin\u2019s long-term growth. Particularly, it could help the cryptocurrency &#8220;resynchronize&#8221; with previous cycles, potentially leading to a longer and more sustained bull run, as opposed to a shorter, more accelerated cycle that peaks sooner. Rekt Capital noted: After all, the current acceleration in the cycle is still around 190 days (which is an improvement from the 260-day acceleration set in mid-March when BTC made new All Time Highs) The analyst pointed out that while both scenarios are bullish, the preference between a shorter or a typically longer bull run remains a matter of market speculation. Currently, the discussion revolves around whether Bitcoin can continue to defy historical trends with a break above the $71,500 range. Parabolic Rise Ahead For Bitcoin Meanwhile, another analyst, TechDev, recently provided insights into Bitcoin&#8217;s potential future trajectory, drawing parallels between the current market actions and those of the 2017 bull run. Back then, Bitcoin saw a significant rise, recording a 1,200% increase on its way to the previous high of $20,000. TechDev\u2019s analysis suggests that Bitcoin could be setting up for another parabolic rise, potentially reaching as high as $100,000, especially given its longer consolidation period in the current market cycle compared to 2017. Supporting this viewpoint, RektCapital hinted that even a price of $72,000 would seem modest in the coming months if Bitcoin continues on its projected path. #BTC Even $72000 will be a low price for Bitcoin, months from now$BTC #Crypto #Bitcoin \u2014 Rekt Capital (@rektcapital) May 20, 2024 Notably, the surge in Bitcoin\u2019s price recorded so far is influenced by a mix of optimism and anticipation surrounding the potential approval of Ethereum spot ETFs and increasing inflows into spot Bitcoin ETFs. Related Reading: Bitcoin Whales Quiet Down \u2013 Here\u2019s Why And What It Means For The Market Data from Farside indicates that spot Bitcoin ETFs experienced their most substantial inflow week in two months, with the US fund category collectively achieving $948 million in positive net flows from May 13 to May 17. Notably, about 89% of these inflows occurred in the last three trading days of the week, following a lower-than-expected Consumer Price Index (CPI) report. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":558480,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,441,91595,1119,78790,6664,10923],"class_list":["post-609160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-predcition","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market"],"acf":[],"yoast_head":"\n<title>Bitcoin On The Verge? 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These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). 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Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.\",\"sameAs\":[\"https:\/\/x.com\/0xEdyme\"],\"url\":\"https:\/\/ktsl888.com\/author\/samueledymeabayomi\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin On The Verge? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/ktsl888.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin On The Verge? 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