BITCOIN POISED TO ENTER LENGHTY RE-ACCUMULATION PHASE AS PULLBACK HITS 18%

Bitcoin’s value has recently fallen by 18% from its peak of $73,737 on March 14, descending to $60,000 on April 17. This drop is seen as part of a typical pre-halving correction, and with the halving imminent, a lengthy re-accumulation phase in the bull cycle may be next, according to analysts.

Market expert ‘Rekt Capital’ identified three distinct market phases around the halving, suggesting that after the pullback, a sideways movement or re-accumulation could ensue. Historically, such phases have extended several months post-halving, as seen in 2016 and 2020, when Bitcoin traded sideways for about five months after the event.

This phase often tests investors’ patience, leading to frustration and disengagement due to the lack of immediate returns on Bitcoin investments following the halving.

On the sentiment front, analytics firm Santiment reported a decline in positive sentiment among traders on April 18, which often presages an opposite market movement than what the majority expects.

In broader crypto market activity, Bitcoin managed a slight recovery to $62,000 in Asian markets after its dip, while Ethereum also regained slightly, climbing above $3,000. Other cryptocurrencies, including Dogecoin, Toncoin, and Polygon, experienced more significant losses.

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