Trusted

Bitcoin Is in Short-Term ‘Accumulation Phase’ Before Halving FOMO

2 mins
Updated by Adam James
Join our Trading Community on Telegram
Amsterdam Stock Exchange trader and crypto-analyst Crypto Michael (@CryptoMichNL) is arguing that Bitcoin (BTC) is currently in an accumulation phase before halving FOMO.
If you are a cynic battered by the bear market of 2018, you may believe that Bitcoin recently hit its ‘local top’ in this short-lived bull market. However, looking at longer-term trends, the leading cryptocurrency appears to be in a tight accumulation zone. Crypto Michael (@CryptoMichNL) recently posted a chart which argues that the local top is far from in. In fact, he predicts that the FOMO surrounding Bitcoin will heat up as we approach the end of Q4. He predicts that a descending wedge and low volatility will likely play out for the next two months or so as part of this ‘accumulation phase.’ This price movement would put us on track to seeing Bitcoin reach a new all-time high by the halving event in May of 2020. However, as you might already know, Bitcoin’s parabolic rise tends to happen after halving events. Although May 2020 will inevitably bring upward price pressure, the real fun begins in Q3 and Q4 of 2020. Rekt Capital (@rektcapital) posted similar positive sentiments in a recent tweet, arguing that Bitcoin could rise 12,160 – 13,378% in the years following the halving event based on the previous two which have occurred. That would place Bitcoin at a whopping $400,000 or so by 2024. The idea does not seem implausible given that Bitcoin has risen by that much for its previous two halvings — both during periods when the leading cryptocurrency had far less exposure and institutional clout than it has now. Noted cryptocurrency commentator Crypto Loomdart said similarly last month when he claimed that $10,000 per BTC is likely the current ‘fair price’ for the cryptocurrency. He argues that Bitcoin will likely oscillate between $8,000 and $12,000 for the foreseeable future, also noting this as an ‘accumulation zone.’ Following Michael’s advice, now until November seems to be a solid entry point for long-term holders. Do you agree that Bitcoin is currently in an ‘accumulation zone?’ Is this a smart position to enter? Let us know your thoughts in the comments below.  Buy and trade cryptocurrencies with a 100x multiplier on our partner exchange, StormGain.
Top crypto projects in the US | November 2024
Coinbase Coinbase Explore
Coinrule Coinrule Explore
Uphold Uphold Explore
3Commas 3Commas Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | November 2024
Coinbase Coinbase Explore
Coinrule Coinrule Explore
Uphold Uphold Explore
3Commas 3Commas Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | November 2024

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

images-e1706008039676.jpeg
Advertorial
Advertorial is the universal author name for all the sponsored content provided by BeInCrypto partners. Therefore, these articles, created by third parties for promotional purposes, may not align with BeInCrypto views or opinion. Although we make efforts to verify the credibility of featured projects, these pieces are intended for advertising and should not be regarded as financial advice. Readers are encouraged to conduct independent research (DYOR) and exercise caution. Decisions based on...
READ FULL BIO
Sponsored
Sponsored