A respected crypto analyst predicts that Bitcoin (BTC) is on the cusp of a major breakout, possibly within months.
Consolidation Phase
According to Rekt Capital, Bitcoin has been consolidating for three months and may continue to do so for another three based on historical patterns. He suggests that a breakout could occur in September 2024.
Cycle Slowdown
Rekt Capital also notes that Bitcoin’s cycle is slowing down compared to earlier this year. While it reached new highs in March 2024, its acceleration has since diminished.
Benefits of Consolidation
The analyst believes that Bitcoin’s current consolidation is beneficial for the overall cycle. It allows the price to align with historical patterns and sets the stage for a more sustainable bull run.
Current Price
At the time of writing, Bitcoin is trading at $66,681, slightly down from the previous day.
