Data aggregator CoinGecko shows bitcoin (BTC) rose 16.8% to end March at $70,854.60. CoinGlass data shows that this is the seventh consecutive month of growth for the largest cryptocurrency by market capitalization.
A trader under the nickname Rekt Capital writes on website X that #BTC is still in the weekly accumulation phase, which usually occurs before price acceleration. Furthermore, in a video published on March 28, the trader notes that the accumulation area where #bitcoin has stopped is between $69,032.48 and $BTC This is a common pattern seen before bitcoin halves, and Rekt Capital emphasizes that if BTC breaks through the roof of the weekly accumulation area, it could end in a significant rally. A breakout could also mean that BTC would begin a parabolic rise and hit an all-time high before halving, which has never happened in previous cycles.
Bitcoin has already seen seven consecutive months of price gains, so what now?
However, unless bitcoin begins a strong rally, the history of previous cycles could repeat itself, in which case BTC will face another accumulation phase after the price reverses halfway.
This range of re-accumulation at higher prices is just preparatory noise for a more significant move. It's a matter of "when" not "if" and also a matter of timing. Because the more it consolidates here, the more profitable buying opportunities will be available before it inevitably begins that big climb. In other words, pullbacks and consolidations around this point (the cumulative weekly range) are the last chance for a profitable buy before the parabolic rise begins," concludes Recto Capital.
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