Bitcoin (BTC) has just undergone one of the most extended accumulation periods in its history, according to popular crypto analyst Rekt Capital. This period of price consolidation has set the stage for a potential continued upward trend, leading experts to predict further growth for Bitcoin in the near future.

Extended Accumulation and Price Discovery

In a recent YouTube video, Rekt Capital shared insights with his 93,400 subscribers, explaining how Bitcoin’s price movements in the current cycle compare to previous bull runs. He noted that Bitcoin experienced significant price discovery during its 2021 bull run, lasting about four weeks before the market faced its first pullback. This contrasts with Bitcoin’s 2017 bull market, where price discovery lasted eight weeks, and the 2013 cycle, which saw around six weeks of uninterrupted price discovery.

Rekt pointed out that this extended accumulation phase in Bitcoin’s current cycle is noteworthy, especially as the market has been relatively calm for a number of weeks, indicating a buildup of momentum. He emphasized that this could suggest more upward movement before any significant correction occurs.

“This is the first price discovery wave of this cycle,” said Rekt. “We’ve seen price discovery waves in the past, but we’ve always seen a price discovery correction after those waves. If this is week two and we’ve already seen four weeks of price discovery here, eight weeks there, and five/six weeks here, then we might have a few more weeks of upside before any sort of interruption in the trend.”

Price Prediction: $96,500 by the End of 2024?

Alongside his market analysis, Rekt Capital also offered a price prediction for Bitcoin based on historical trends. He referred to Bitcoin’s 2020 “Candle 4,” which rallied by 106% after breaking its 4-year cycle resistance at $13,856. If Bitcoin’s current 2024 cycle follows a similar trajectory, he predicts that the cryptocurrency could rise to $96,500 by the end of the year, marking a substantial increase from its current price of $87,865.

Bitcoin recently set a new all-time high on November 11, reaching over $89,800. This new high further fuels the optimism surrounding Bitcoin’s potential for future price gains, with many analysts watching closely for signs that the rally will continue into the end of the year.

Factors Driving Bitcoin’s Bullish Momentum

Several factors are contributing to Bitcoin’s current bullish trend. One key driver is institutional interest, which continues to grow as Bitcoin becomes more accepted as a store of value and a legitimate asset class. Additionally, the halving event earlier in 2024 has reduced Bitcoin’s supply, creating upward pressure on its price as demand remains strong.

Rekt Capital also highlights that the growing institutional demand for Bitcoin could further push its price higher. As more capital enters the market from institutional investors, the supply-demand imbalance is expected to intensify, further driving Bitcoin’s value upward.

What’s Next for Bitcoin?

While Bitcoin’s price is still experiencing significant growth, analysts remain cautious, noting that markets are subject to volatility. Rekt Capital believes that the current trend could continue for several more weeks before any major correction, suggesting that Bitcoin could see new highs in the short term. However, as with all markets, there is always the potential for fluctuations.

As Bitcoin’s momentum continues to build, investors and traders are eagerly awaiting what comes next. With its strong institutional backing, limited supply, and ongoing adoption, Bitcoin appears poised for further growth in 2024. If Rekt Capital’s prediction holds true, Bitcoin could close the year with a new high at $96,500, further solidifying its position as a leading asset in the global financial landscape.