The price of the flagship cryptocurrency Bitcoin has recently recovered from a drop to a low under the $57,000 mark to now trade above the $62,000 mark, with one analyst suggesting BTC needs to remain above the $60,000 level to soon enter a parabolic phase.
According to popular cryptocurrency analyst Rekt Capital, who shared his thoughts on the microblogging platform X (formerly known as Twitter) with their over 460,000 followers, Bitcoin’s price post-halving is officially out of the “danger zone,” and the cryptocurrency’s price celebrated with a good bounce from the Re-Accumulation Range Low support.”
#BTC The Post-Halving Bitcoin "Danger Zone" (purple) is officially overAnd Bitcoin is celebrating with a good bounce from the Re-Accumulation Range Low support$BTC #Crypto #Bitcoin https://t.co/3pvWKRAqNd pic.twitter.com/KRD2UNDZiT
— Rekt Capital (@rektcapital) May 13, 2024
The analyst, as reported, has revealed that Bitcoin’s price goes through three phases at each halving event, with the first phase being a pre-halving retrace that includes a price drop, which in this cycle was of over 23%, which is critical to set the stage for the next stage, the re-accumulation phase.
This phase, the analyst defends, establishes the foundation for subsequent price movements. During this phase, Bitcoin’s price consolidates within a defined range, characterized by pullbacks and sideways movements—a reflection of normal range-bound behavior as the market tempers the preceding rally.
While the re-accumulation phase can last months, it leads to the parabolic uptrend phase, in which Bitcoin’s price enters a period of accelerated growth.
Rekt Capital noted that this month and the next may be “unremarkable for Bitcoin,” but added that we’re “running out of unremarkable months” before BTC enters the parabolic phase.
#BTC This month may be unremarkable for BitcoinMaybe even next month will also be unremarkable for BitcoinBut we're running out of unremarkable months for Bitcoin before the Parabolic Phase of the cycle begins$BTC #Crypto #Bitcoin pic.twitter.com/agk6taQP9x
— Rekt Capital (@rektcapital) May 13, 2024
As CryptoGlobe reported, Wall Street behemoth Susquehanna International Group, known for its vast trading volume across global financial products, has significantly increased its exposure to the flagship cryptocurrency Bitcoin, amassing a $1.2 billion position on it in Q1 2024.
According to a recent 13-HR filing with the U.S. Securities and Exchange Commission (SEC), Susquehanna International now holds a massive17,271,326 shares in the Grayscale Bitcoin Trust (GBTC), valued at roughly $1.09 billion as of March 31, as well as 1,349,414 shares of Fidelity’s spot Bitcoin ETF (FBTC), valued at approximately $83.74 million.
Featured image via Unsplash.