Altcoins
Bitcoin and Altcoins Enter Reaccumulation Phase Ahead of Next Bull Run
On Friday, April 19, the much-anticipated Bitcoin Halving 4.0 triggered at the block height of 840,000 while the Bitcoin price remained stable at around $64,000. Everyone was very optimistic that this Bitcoin halving would create a supply shock leading to a sharp rise in the price of BTC.
Bitcoin enters a strong reaccumulation phase
Rekt Capital announces the conclusion of the pre-halving period and the launch of the post-halving re-accumulation from today. This phase marks the last discounted buying opportunity before Bitcoin moves into the parabolic phase of the cycle.
Historically, the Bitcoin pre-halving retrace has been a gradual setup for the next phase of the Bitcoin halving cycle.
During the reaccumulation range after the halving (marked in red), the bottom of the retrace before the halving serves as the basis for the reaccumulation (i.e. the low range). With the establishment of this Range Low, a period of consolidation begins, thus preparing for a possible breakout into Parabolic Upside (highlighted in green).
Courtesy: Rekt Capital
Market analysts have already started predicting Bitcoin’s next price targets based on the halving behavior of previous events.
In the latest analysis of Bitcoin’s potential price range during the 4th halving cycle, experts also predicted a considerable spectrum:
- Upper limit: approximately $4,500,000.
- Lower limit: approximately $140,000.
The Altcoin Roadmap
After a sharp rise in the run-up to the halving and throughout the first quarter, altcoins have entered a strong retracement in recent weeks. This comes alongside the Bitcoin price volatility seen in recent weeks.
Rekt Capital notes that altcoins are aligning with the projected trajectory. As we observed, altcoins hit their lowest level in early February, indicating an important step in their market evolution. Additionally, there was a notable sell-off in altcoins coinciding with the Bitcoin halving event, further reflecting their correlation with BTC market dynamics.
Looking ahead, Rekt Capital predicts that altcoins will bottom again in early summer, suggesting a continuation of their cyclical patterns within the broader cryptocurrency market.