Bitcoin is Ready to Show Strength

Rekt Capital shared with its followers on the social media platform X that Bitcoin has entered the accumulation phase again after the block reward halving. He noted that based on historical data, Bitcoin may be just months away from a significant rise. He cited the period after the 2020 block reward halving, when Bitcoin experienced a 19 percent retreat, and pointed out that in a similar scenario, there could be a 24 percent retreat in 2024.

Rekt Capital stated that Bitcoin broke out of the upward continuation formation after testing the resistance at $66,000 on the daily chart. Confirmation of this breakout indicates a strong uptrend for Bitcoin. The analyst emphasized that Bitcoin broke the bull flag formation and the continuation of the uptrend is assured. Check out 21 Million to follow Turkish cryptocurrency exchanges and prices in one place.

Additionally, the analyst shared a chart indicating that Bitcoin is still in the early stages of the bull market. By marking the current position with a green circle, he stated that Bitcoin has significant growth potential in the future.

Hype Cycle Rally Expectation in Altcoins

Rekt Capital has promising prospects for altcoins as well as Bitcoin. The Second Quarter heralded the beginning of the Altcoin Hype Cycle and suggested that a new altcoin rally was imminent. Stating that the current market movements are just the beginning, the analyst said that we are moving towards a period in which significant gains will be achieved for altcoins. YTD

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