Bitcoin stuck in accumulation range, but a breakout is near

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Despite posting positive weekly closes for three weeks in a row, Bitcoin (BTC) is still stuck in the accumulation zone between $60,000 and $70,000, according to to the trader identified as Rekt Capital.

The current accumulation phase is a common post-halving period recorded in previous cycles, as shared by the trader on X. As BTC failed to record a weekly close above $70,000 last week, it further consolidated its accumulation period .

However, after the current accumulation phase, Rekt Capital highlights that there is only one phase of upward parabolic movement left for Bitcoin in the coming months.

Furthermore, the consolidation period may end soon. “While there is still room for further consolidation at these highs… The time remaining in this phase is slowly running out,” the trader adds. Therefore, the chances of buying BTC below the $70,000 mark in this bull cycle may disappear soon, according to Rekt Capital predictions.

Advantages for altcoins

After briefly losing support at the $250 billion market cap, the altcoin sector has rebounded to hit its highest weekly close since mid-April, Rekt Capital highlights. If it manages to break through the $315 billion resistance, a run to $425 billion could follow.

However, this is only the second ‘altcoin hypercycle’ for 2024, according to the trader. Although a recovery is expected to begin soon, Rekt Capital predict a maximum price in July for this hypercycle, followed by a correction and a minimum between August and September.

A third hypercycle begins after this bottom, followed by a top in October and another price bottom between November and December, which will trigger a fourth hypercycle in January 2025.

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