- Bitcoin’s extended 200+ day re-accumulation phase post-halving has brought it closer to a potential breakout at the $71,500 level.
- A weekly close above $71,500 could signal Bitcoin’s transition from re-accumulation to a parabolic growth phase.
- BTC’s current cycle shows signs of aligning with historical halving patterns, suggesting a potentially longer bull run ahead.
Bitcoin is near an important level, and analysts focus on breakout. The upside barriers can be seen at $70,000; a weekly candle close above approximately $71,500 is considered as a critical level which may initiate a final surge from the current re-accumulation phase to the parabolic phase. This potential breakout, however, follows a post-halving re-accumulation phase that has taken more than 200 days – much longer than the earlier cycles. The long period of consolidation could be suggesting that the period of the bull run for Bitcoin is prolonged if historical experiences are to be followed.
Extended Re-Accumulation Phase Post-Halving
After Bitcoin’s most recent halving in April 2020, it’s going through a significantly slower re-accumulation phase than the two previous ones. This phase has stretched for well over 200 days, which is substantially beyond what would be considered normal post- halving re- re-accumulation trends which, in prior instances, have averaged about 260 days.
Indeed, it can be seen that the current cycle is a great deal longer for Bitcoin than any previous cycle, which implies that Bitcoin is in a special kind of cycle. The constant re-accumulation over this period has slightly skewed Bitcoin’s normal trend of acceleration, making it much more in line with previous halving cycles.
Potential for Accelerated Breakout with Historical Halving Cycles
The extended period of re-accumulation is failing to give Bitcoin any more space to rest and consolidate, further pumping up the chances of a breakout. If Bitcoin consistently holds about the $71,500 mark on a weekly basis, it would suggest we have moved from a holding/re-accumulation phase to a ramping phase. The supposed breakout would herald such an impulse if it happens, as Bitcoin marches into the green ‘parabolic upside’ area.
The elongated consolidation period of bitcoin has enabled a almost complete resynchronization with the historical halving cycles implying that the traditional longer bull run may ensue. Shaving the acceleration period down to 260 days and now only handling 13 days of accelerated growth, the present Bitcoin cycle can be seen as returning to a more historical norm.
The post Bitcoin’s Re-Accumulation Phase Nears End—Will $71,500 Trigger the Upside? appeared first on Crypto News Land.
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