Renowned crypto analyst Rekt Capital suggests that Bitcoin (
BTC
) is currently in a significant consolidation phase and anticipates a major breakout in the coming months. Speaking to his 476,600 followers on X, Rekt Capital indicates that Bitcoin’s consolidation phase may continue for another three months, citing historical data.

“Bitcoin has been consolidating within a re-accumulation range for the past three months. Based on historical patterns, this phase could persist for an additional three months. Therefore, it would not be surprising if the price faces resistance at the range’s upper limit… If history repeats itself, we can expect a breakout from the re-accumulation range in September 2024.”

Source: Rekt Capital/X

Rekt Capital also notes that Bitcoin’s cycle has slowed down after a period of acceleration earlier this year in comparison to previous cycles. Highlighting the current consolidation between $60,000-$70,000 for three months, he explains how this has impacted the cycle’s acceleration.

“In March 2024, Bitcoin set new all-time highs, signifying an acceleration in the current cycle by 260 days compared to traditional halving cycles. However, the prolonged consolidation has reduced this acceleration to approximately 170 days.”

According to Rekt Capital, a delayed breakout above the resistance range would align the current cycle more closely with past cycles, paving the way for a traditional bull run.

“The struggle for Bitcoin to break out is advantageous for the overall cycle. Historically, Bitcoin has not broken out this early in the post-halving period. Accelerating the cycle prematurely would result in a shorter bull market. The ongoing consolidation allows the price to realign with historical halving cycles, setting the stage for a typical bull run.”

At the time of writing, Bitcoin is priced at $66,681, showing a slight decrease in the past 24 hours.

For the latest updates, subscribe to receive email alerts directly to your inbox. Follow us on X, Facebook, and Telegram for price action insights. Explore The Daily Hodl Mix for more news.

Disclaimer: The opinions expressed by The Daily Hodl are not financial advice. Investors are advised to conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. All transfers and trades are at the investor’s own risk. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice. Please be aware that The Daily Hodl engages in affiliate marketing.