CandleFocus Bitcoin’s Re-Accumulation Phase Nears End—Will $71,500 Trigger the Upside?
2024-11-07
Author: Content Editor
Analysts are focusing on a potential breakout for Bitcoin as it nears an important level. A weekly candle close above approximately $71,500 is considered critical and could initiate a final surge from the current re-accumulation phase to the parabolic phase. The post-halving re-accumulation phase has been longer than previous cycles, lasting over 200 days. This suggests that the bull run for Bitcoin may be prolonged, following historical trends. If Bitcoin consistently holds above $71,500 on a weekly basis, it could indicate a shift from a holding/re-accumulation phase to a ramping phase. The extended consolidation period has brought Bitcoin back in line with previous halving cycles and increased the chances of a breakout.
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