Bitcoin

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Rekt

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/analyst-predicts-bitcoins-next-move" data-wpel-link="internal" rel="noopener noreferrer nofollow">Analyst Predicts Bitcoin’s Next Move</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoin-advocate-challenges-traditional-banking-stance" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> may be exiting its consolidation phase, according to popular trader and analyst Rekt Capital. He draws parallels between Bitcoin’s price movements of this year and those in 2023, suggesting that despite the lack of significant price increases since the last halving in April, there is no cause for alarm for investors. Bitcoin has been trading within a defined range, which could indicate the end of its consolidation phase.</p>
<h2 id="what-s-behind-bitcoin-s-current-trends">What’s Behind Bitcoin’s Current Trends?</h2>
<p style="text-align: justify">Rekt Capital’s analysis highlights the recurring patterns in Bitcoin bull markets by comparing the BTC/USD pair movements of the previous year to current trends. He notes that Bitcoin usually forms accumulation ranges after halving events. This cycle appears similar, suggesting Bitcoin might continue trading within a narrow range for a few more months. Additionally, some analyses argue that this week’s Bitcoin price correction was anticipated given the historical context of past bull markets.</p>
<p style="text-align: justify">An accompanying chart aligns the current phase with a multi-month consolidation seen in 2023’s second and third quarters. If Bitcoin follows this pattern, it might remain in a confined trading range for a while longer.</p>
<h2 id="how-are-miners-influencing-bitcoin">How Are Miners Influencing Bitcoin?</h2>
<p style="text-align: justify">The re-accumulation phase is also evident in miner activity. The halving event, which reduced miners’ rewards by 50%, has led to capitulation, as indicated by the Hash Ribbons metric. This metric compares the 30-day moving average hash rate to its 60-day counterpart, with capitulation occurring when the former drops below the latter. Historically, such phases have marked prime buying opportunities.</p>
<p style="text-align: justify">Willy Woo, creator of the Woobull <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data analysis</a> platform, weighed in on this trend. He noted that while Bitcoin might not hit all-time highs in the near term, miner capitulation could precede a significant rally. He advises looking for squeezes within the current trading band and suggests buying and holding in these zones.</p>
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2>
<p style="text-align: justify">– Consider the historical patterns of post-halving accumulation ranges when making investment decisions.<br> – Monitor miner activity and the Hash Ribbons metric for potential buying opportunities.<br> – Be aware that current price corrections may align with historical <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">bull market</a> behavior.<br> – Look for price squeezes within the current trading range as potential entry points.</p>
<p style="text-align: justify">In conclusion, while Bitcoin’s current price activity may seem stagnant, historical patterns and miner behavior suggest that significant movements could be on the horizon. Investors should stay informed and watch for key indicators that historically precede rallies.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/analyst-predicts-bitcoins-next-move" data-wpel-link="internal" rel="noopener noreferrer nofollow">Analyst Predicts Bitcoin’s Next Move</a></h5>

Analyst Predicts Bitcoin’s Next Move

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