Bitcoin On The Verge? Analyst Breaks Down What A $71,500 Weekly Candle Close Means For BTC

Samuel Edyme

1 year ago

3 mins read

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Both Bitcoin (BTC) and Ethereum appear to currently be the center of attention in the crypto market so far, with Bitcoin recently hitting just above a 24-hour high of $71,650 mark, marking a 6.4% increase in the past 24 hours and nearly 20% over the past week.

A prominent Crypto Analyst who has since been tracking Bitcoin’s movements has recently revealed insights into the asset’s latest trends, signaling a notable move ahead for BTC.

Bitcoin’s Path Analyzed: What’s Coming?

Crypto analyst Rekt Capital earlier today highlighted on the X platform that a weekly candle close above approximately $71,500 could potentially initiate a breakout from the current “Re-Accumulation Range.”

However, the analysts disclosed that history suggests that Bitcoin may need to consolidate within this range for several more weeks to align more closely with historical Halving Cycles, which have previously influenced its price trajectory.

#BTC

A Weekly Candle Close above ~$71500 would probably kickstart the breakout from the Re-Accumulation Range

However, history suggests Bitcoin should consolidate inside this Re-Accumulation Range for several weeks more

Extended consolidation here would get Bitcoin closer to… pic.twitter.com/Af0W4MMBTN

— Rekt Capital (@rektcapital) May 21, 2024

This extended consolidation period, as highlighted by the analyst, could benefit Bitcoin’s long-term growth. Particularly, it could help the cryptocurrency “resynchronize” with previous cycles, potentially leading to a longer and more sustained bull run, as opposed to a shorter, more accelerated cycle that peaks sooner. Rekt Capital noted:

After all, the current acceleration in the cycle is still around 190 days (which is an improvement from the 260-day acceleration set in mid-March when BTC made new All Time Highs)

The analyst pointed out that while both scenarios are bullish, the preference between a shorter or a typically longer bull run remains a matter of market speculation. Currently, the discussion revolves around whether Bitcoin can continue to defy historical trends with a break above the $71,500 range.

Bitcoin (BTC) price chart on TradingView — BTC price is moving sideways on the 2-hour chart. Source: BTC/USDT on TradingView.com

Parabolic Rise Ahead For Bitcoin

Meanwhile, another analyst, TechDev, recently provided insights into Bitcoin’s potential future trajectory, drawing parallels between the current market actions and those of the 2017 bull run.

Back then, Bitcoin saw a significant rise, recording a 1,200% increase on its way to the previous high of $20,000. TechDev’s analysis suggests that Bitcoin could be setting up for another parabolic rise, potentially reaching as high as $100,000, especially given its longer consolidation period in the current market cycle compared to 2017.

Supporting this viewpoint, RektCapital hinted that even a price of $72,000 would seem modest in the coming months if Bitcoin continues on its projected path.

#BTC

Even $72000 will be a low price for Bitcoin, months from now$BTC #Crypto #Bitcoin

— Rekt Capital (@rektcapital) May 20, 2024

Notably, the surge in Bitcoin’s price recorded so far is influenced by a mix of optimism and anticipation surrounding the potential approval of Ethereum spot ETFs and increasing inflows into spot Bitcoin ETFs.

Data from Farside indicates that spot Bitcoin ETFs experienced their most substantial inflow week in two months, with the US fund category collectively achieving $948 million in positive net flows from May 13 to May 17.

Notably, about 89% of these inflows occurred in the last three trading days of the week, following a lower-than-expected Consumer Price Index (CPI) report.

Featured image from Unsplash, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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