Fun

6 months of sideways? Bitcoin price action mimics 2023 lull

News Feed - 2024-06-21 05:06:24

William Suberg24 minutes ago6 months of sideways? Bitcoin price action mimics 2023 lullIt may seem like long ago, but Bitcoin spent months going nowhere just last year before a major BTC price breakout.273 Total viewsListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) has months of consolidation left if early bull market behavior repeats itself.


In his latest market commentary, popular trader and analyst Rekt Capital drew fresh comparisons between BTC price action this year and in 2023.BTC price forms "similar looking range" to 2023


Bitcoin may be firmly rangebound since its latest block subsidy halving in April, but the lack of BTC price upside should not concern bulls, Rekt Capital suggests.


Looking at Bitcoin bull market phases past and present, he showed that as recently as last year, BTC/USD experienced extended periods of nonvolatile moves.


“Bitcoin tends to form Re-Accumulation Ranges after the Halving,” he summarized on X (formerly Twitter).“But we"ve also seen Bitcoin form a similar-looking range in this cycle already as well (blue circle).”BTC price comparison. Source: Rekt Capital/X


An accompanying chart directly compared the current status quo to a multi-month consolidation phase that spanned Q2 and Q3 2023.


Should such a setup be in place now, Bitcoin would remain in its narrow trading corridor for several more months.


Other analysis meanwhile argued that this week’s BTC price correction was “long overdue” based on previous bull markets.


Here, a chart pitted 2024 against the early innings of the Bitcoin bull market in mid-2016.BTC price comparison. Source: Rekt Capital/XBitcoin hash rate in limbo with price


As Cointelegraph reported, the so-called “re-accumulation phase” is being reflected not only in price but also in miner activity.


Related: Bitcoin price rebound may hit in 10 days as Fed liquidity ‘rips higher’


Since the halving cut miners’ per-block subsidy by 50%, a new “capitulation” has begun, per the popular Hash Ribbons metric.


This compares the 30-day average hash rate to its 60-day equivalent, and when the former drops below the latter, “capitulation” begins. Historically, such periods have signaled suitable buying opportunities, with the last occurring in Q3 last year.


“I know it sucks, but BTC is not going to break all time highs until more pain and boredom plays out,” Willy Woo, creator of on-chain statistics platform Woobull, commented about the phenomenon this week.“On the bright side, miners are capitulating and when that is through, it nearly always ends in a huge rally. Look for compressions in this ribbon. Buy and hodl in these regions.”Bitcoin Hash Ribbons. Source: Glassnode


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# MarketsAdd reaction

News Feed

Roaring Kitty’s gamification of GameStop is a menace to the market
Lucas Kiely1 hour agoRoaring Kitty’s gamification of GameStop is a menace to the marketKeith Gill — also known as "Roaring Kitty" — has become a hero of the people, but he is also a menace to stable marke
BTC price all-time high in July? 5 things to know in Bitcoin this week
William Suberg14 hours agoBTC price all-time high in July? 5 things to know in Bitcoin this weekBTC price gains since the weekend have transformed market sentiment, but not all Bitcoin traders think the good times will r
Thorchain Trolled by Hacker After Two Successful Seven-Figure Exploits
Thorchain Trolled by Hacker After Two Successful Seven-Figure Exploits Thorchain, a popular defi protocol, has been compromised twice in the last two weeks, resu
Bitcoin, Ethereum Technical Analysis: BTC Begins the Weekend in Bearish Territory
Bitcoin, Ethereum Technical Analysis: BTC Begins the Weekend in Bearish Territory After a move above $20,000 on Friday, bitcoin was back in the red on Saturday, as prices fell clos
Crypto Biz: Riot increases Bitfarms stake in takeover strategy
Ana Paula Pereira3 hours agoCrypto Biz: Riot increases Bitfarms stake in takeover strategyThis week’s Crypto Biz examines Bitdeer’s earnings boost, Hamster Kombat’s rejection of venture capital offers, Grayscale’
US Inflation Remains Scorching Hot, Jumping to 9.1% in June — White House Says CPI Data Is Already ‘Out-of-Date’
US Inflation Remains Scorching Hot, Jumping to 9.1% in June — White House Says CPI Data Is Already "Out-of-Date" According to the latest Bureau of Labor Statistics Consumer Price
Bitcoin, Ethereum Technical Analysis: ETH Moves to 2-Month High Above $1,900 
Bitcoin, Ethereum Technical Analysis: ETH Moves to 2-Month High Above $1,900  Ethereum surged to a two-month high above $1,900 on Thursday, as the token continued to rally followi
Bitcoin, Tether, Ethereum Trade for Premiums in Ukraine, Hryvnia BTC Price $3K Higher Than Global Average
Bitcoin, Tether, Ethereum Trade for Premiums in Ukraine, Hryvnia BTC Price $3K Higher Than Global Average After Ukraine’s central bank imposed a limit on cash withdrawals, K
Konami to Keep Selling NFTs to ‘Preserve Content’
Konami to Keep Selling NFTs to "Preserve Content" Konami, one of the leading Japan-based game developers, elaborated on its future policy regarding NFTs. In its latest financial re
US Senators Urge Facebook to Discontinue Crypto Wallet Pilot Citing ‘Insufficient’ Ability to Keep Consumers Safe
US Senators Urge Facebook to Discontinue Crypto Wallet Pilot Citing "Insufficient" Ability to Keep Consumers Safe A group of U.S. senators has asked Facebook CEO Mark Zuckerberg to
For 38 Consecutive Days Ethereum Gas Fees Record the Lowest Rates Since 2020
For 38 Consecutive Days Ethereum Gas Fees Record the Lowest Rates Since 2020 In 43 days, the Ethereum network could finally see a full transition from proof-of-work (PoW) to proof-
XRP Price Prediction To $4.9: How The 1-Day 50 MA Will Drive The Next Wave
Este artículo también está disponible en español. A crypto analyst has issued a new XRP price prediction, forecasting a potential breakout that could see the prominent cr