Despite Bitcoin falling below $60,000, the cycle could be transitioning into the reaccumulation period, according to a popular crypto analyst.
Despite Bitcoin briefly falling below the $60,000 mark, the cycle could be entering a reaccumulation period, according to one crypto analyst.) reclaimed a key moving average indicator, which signaled the start of the bull runs during previous market cycles, according to popular crypto analyst Moustache, who
“We’ve seen the pre-halving retrace take place because -17% downside has occurred already, so maybe we’re slowly transitioning to the re-accumulation period., suggesting that Bitcoin is no longer overbought now that it fell on the daily chart to 41, down from 58 on April 8.Bitcoin price has falle over 7% during the past week.
The current drawdown is considered a healthy correction, as the outlook for the next 18 months remains bullish, according to Mullin: “ is different because BTC received institutional approval in the form of an ETF, so there’s a lot more retail and institutions watching this one. It doesn’t happen completely in the background as it did before. It isn’t just a party for crypto natives.”
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