Bitcoin’s price fluctuations have been closely watched by the crypto market and community sentiment. While some are feeling pessimistic about the recent slowdown in the rally, analysts believe that the flagship cryptocurrency is gearing up for higher price levels.
Crypto analyst Rekt Capital suggests that Bitcoin is currently in a consolidation phase, waiting for the next move. He points out that during previous “Halvings,” Bitcoin went through re-accumulation ranges before reaching new highs. The analyst’s chart shows the phases Bitcoin went through during the last “Halving,” indicating that the cryptocurrency is now in a similar phase before a potential parabolic upside.
Rekt Capital notes that in this cycle, Bitcoin has already experienced five re-accumulation ranges, with the latest one starting during the “Pre-Halving Rally” phase. Analyst Mikybull shares a similar view, stating that Bitcoin’s parabolic rally is on the horizon, with a potentially explosive breakout.
In terms of price levels, Bitcoin recently faced a correction before the “Halving,” dropping to below $60,000 after hovering around $64,000-$63,000. However, the cryptocurrency has since recovered, testing and reclaiming support levels at $65,000 and $66,000. Despite hovering between $66,000 and $67,000 in recent days, Bitcoin has yet to break the resistance at $67,000.
Analyst Bluntz believes that Bitcoin is gearing up for a breakout soon, as a bullish pennant pattern forms on the chart. Once the cryptocurrency clears $67,000, the market could see a new all-time high. At the time of writing, Bitcoin is trading at $66,665, showing a significant increase over the past week and three months.
Overall, analysts remain optimistic about Bitcoin’s potential for a parabolic upside, with key price levels and patterns suggesting a bullish trend in the near future.