2024

Bitcoin

Rekt

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin requires a 3.5% rally to reach above $60,600 and reclaim its re-accumulation range.</li>
 <li>Historical patterns suggest Bitcoin could reach around $65,000 following established cyclical behaviors.</li>
</ul>
<p>Bitcoin, also known as <a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>, has recently experienced a variety of price movements. Currently, its price stands at $57,123.74, marking a 1.79% decrease in the past day, but a 5.31% increase over the past week.</p>
<p>Analysts, including Rekt Capital, pointed out that Bitcoin needs to rally an additional 3.5% to close above $60,600. This is essential for a weekly candle close to reclaim the range low, a critical level for Bitcoin to re-enter its re-accumulation range.</p>
<h2 id="historical-and-predicted-trends">Historical and Predicted Trends</h2>
<p>Rekt Capital’s analysis of Bitcoin’s performance from 2020 to 2024 showed clear patterns following halving events. After the halving event on May 11, 2020, Bitcoin underwent an 11-week re-accumulation phase where its price dropped by 19.56%. This was followed by a parabolic upside phase lasting 23 weeks and 161 days, reaching a peak volume of 1.183M.</p>
<p>In 2024, similar trends are projected. The chart predicts an 11-week re-accumulation phase, involving a volume of 142.103K, and a parabolic upside over 22 weeks and 154 days, with a volume of 150.299K. Key support levels are identified by orange circles, showing points of price consolidation.</p>
<h2 id="bitcoin-on-chain-analysis">Bitcoin On-Chain Analysis</h2>
<p>Bitcoin liquidations showed notable spikes around late February, early April, and late June. These fluctuations coincided with changes in Bitcoin’s price, indicating periods of high volatility and intense market activity.</p>
<p>There has also been a general increase in active addresses, peaking in late March and gradually declining thereafter. Transaction volume also showed significant spikes, especially in early April and mid-June.</p>
<p>The 9-period Simple Moving Average (SMA) at 57025.1 acted as a dynamic resistance or support level, with price action fluctuating around it. Bollinger Bands showed the price encapsulated, suggesting periods of high and low volatility.</p>
<p>As of press time, the RSI with a 14-period setting stood at 46.84, indicating neutral momentum close to the 50 level.</p>
<p>Fibonacci retracement levels from the recent high of 57939.7 to the low of 56245.8 highlighted key resistance levels during price recovery, with 0.236 at 57045.3, 0.382 at 57539.9, and 0.5 at 57939.7.</p>

Analysts Urge Bitcoin to Cross the $61K Mark Swiftly: Here’s Why

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