Trader: Bitcoin May Redefine its High Soon

IconCryptoNewsTerminal Staff22 Aug, 2024

cryptonews.jpg

Trader: Bitcoin May Redefine its High Soon

Bitcoin Might Refresh its ATH Renowned trader Rekt Capital has shared insights into the future of Bitcoin's price action, stating that looking at the past market cycles in 2016 and 2020, Bitcoin is likely due to printing a new ATH (All-Time High) soon. Elaborating further, he said, "We are slowly but surely transitioning into a bull market. Maybe we're already in a bull market. But there's a lot more to go." "Going by the historical precedence, Bitcoin should ideally break out of reaccumulation sometime post the upcoming halving next month. The market could then enter a full-blown impulsive phase. In 2020, the market entered a parabolic phase 160 days post-halving. In 2016, it took about 150 days. We are currently at day 126 post-halving, so there's about a month to go. Should see a breakout by September end," he explained.

Related News