Bitcoin stuck in accumulation zone, but a breakout is near

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

The current accumulation phase is a common post-halving period recorded in previous cycles as shared by trader on last, he further consolidated his accumulation period.

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

#BTC

Two phases remain in the cycle

The post-halving reaccumulation phase (red)

And the Parabolic Rally phase (green)$BTC #Crypto #Bitcoin pic.twitter.com/ALoV7q6JCI

– Rekt Capital (@rektcapital) May 27, 2024

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

Benefits for altcoins

After briefly losing support on the $250 billion market cap, the altcoin sector rebounded and achieved its highest weekly close since mid-April, Rekt Capital points out. If it manages to clear the resistance at $315 billion, a rise to $425 billion could follow suit.

#BTC

Two phases remain in the cycle

The reaccumulation phase after the halving (red)

And the Parabolic Rally phase (green)$BTC #Crypto #Bitcoin pic.twitter.com/ALoV7q6JCI

– Rekt Capital (@rektcapital) May 27, 2024

Yet, according to the trader, this is only the second “altcoin hypercycle” for 2024. Even though a rally is expected to begin soon, Rekt Capital predicted a price peak in July for this hypercycle, followed by a correction and a trough between August and September.

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