In the realm of cryptocurrency, a well-known analyst believes that Bitcoin (BTC) is currently experiencing a significant period of consolidation and is poised for a major breakout in the coming months.

Rekt Capital, a pseudonymous crypto trader with a substantial following of 476,600 individuals on the social media platform X, has shared insights regarding Bitcoin’s consolidation phase. According to historical patterns, Rekt Capital suggests that this phase could possibly extend for another three months.

“Bitcoin has been moving within a re-accumulation range for the past three months. Looking back at history, it wouldn’t be surprising if this consolidation continues for another three months. Therefore, we may witness a rejection from the range’s high resistance level… If history is any indication, a breakout for Bitcoin from this re-accumulation range might occur in September 2024.”

Additionally, the analyst notes that Bitcoin’s current cycle appears to be slowing down after a period of acceleration earlier this year compared to past cycles.

“In March 2024, Bitcoin surged to new all-time highs, signaling an acceleration in the current cycle by 260 days compared to previous halving cycles. However, Bitcoin has now been hovering between $60,000-$70,000 for the past three months, reducing the cycle acceleration from 260 days to approximately 170 days.”

Rekt Capital emphasizes that the longer it takes for Bitcoin to surpass the high resistance levels, the better it may be for the current cycle. This extended consolidation phase could align the current cycle more closely with historical patterns, paving the way for a traditional bull run.

The current trading price for Bitcoin stands at $66,681 at the time of this report, showing a slight decrease in the last 24 hours.

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