Bitcoin's current ReAccumulation phase has lasted 187 days post-halving, longer than previous cycles (163 days in 2020, 154 days in 2016).
The extended ReAccumulation period is fueling market expectations of an imminent significant price surge for Bitcoin.
Historical patterns suggest that a breakout from this phase could lead to exponential price growth for Bitcoin and potentially impact the broader cryptocurrency market.
Typically in its current market phase, its historical chart pattern after the April 2024 halving event is a focal point for Bitcoin traders. Looking at the past charting performance of the cryptocurrency there appears to be a magnetic point that indicates that the cryptocurrency is well overdue for it to see a massive price surge.
Until the mid of October, 2024, Bitcoin stays in the ReAccumulation phase which has taken 187 days after the halving occurrence. The extended period is fueling confidence among market observers since the previous cycles in 2016 and 2020 had a faster breakout from such a phase.
Comparisons to Previous Halving Cycles
A further deep dive into the above shows that the current ReAccumulation phase is longer than previous cycles in case of Bitcoin. In more detail, it took 163 days until Bitcoin emerged from this phase of the 2020 halving cycle, and 154 days in the 2016 cycle, on average. This consolidation and accumulation in mid 2024, today at 187 days, has raised fresh rumors of an impending steep rise in Bitcoin prices.
https://twitter.com/rektcapital/status/1847304682395320662 Historical Data and Market Expectations
The protraction of the ReAccumulation phase past its historical averages has helped to build up market expectation. Several analysts are perceiving this additional phase as a build up of pressure, which should soon lead to a burst. In the past, Bitcoin price carried out exponential price actions after halving when it left its accumulation phase resulting in massive profits.
Currently, traders are focusing on Bitcoin's behavior in the market as well as its relation to its past performance. In 2020, the breakout made Bitcoin touch new highs and similar is expected to happen in the year 2024, though the specific year is anyone guess.
More so, as Bitcoin gets closer to the new breakout, the rest of the cryptocurrency market will likely follow suit. In the past, that is how other digital assets and altcoins perform as well as increase in value due to liquidity number shifts in investors.
The post Bitcoin Nears Breakout as 2024 ReAccumulation Drags Beyond Historical Norms appeared first on Crypto News Land.
