- Bitcoin climbed above $66,000 on Friday, highlighting the growing bullish momentum.
- Exiting the accumulation period could trigger Bitcoin’s parabolic run.
- Hong Kong plans to become a global OTC center.
Bitcoin climbed above $66,000 on Friday, adding to the bullish momentum in the cryptocurrency market. The cryptocurrency’s recent price action has led some analysts to believe it has established a bottom and is ready for the next stage of the bull cycle. One such analyst is Rekt Capital, who thinks Bitcoin is on track for an extended rally, based on historical patterns.
Bitcoin’s Reaccumulation Phase
In a recent podcast, Thinking Crypto YouTube channel host highlighted Rekt Capital’s Bitcoin analysis, showing how Bitcoin returned to its reaccumulation range, repeating a pattern from the previous bull cycle. Rekt Capital says the recent move by Bitcoin ended the downside deviation, ending the bargain-buying period.
The analyst noted that exiting the accumulation period could launch a parabolic run for Bitcoin and altcoins. He said historical patterns reveal that liquidity typically flows into Bitcoin during the bull run and then into altcoins. He believes the upside momentum will continue into October, although he expects the crypto market to rally gradually in the coming months.
Hong Kong’s Crypto Hub Ambitions
Meanwhile, Hong Kong’s push to become a global OTC crypto center is attracting significant attention. The Thinking Crypto analyst said the new development adds to Hong Kong’s pro-crypto reputation, given the region’s openness to crypto businesses and its support for crypto companies.
Read also: Virtual Asset Trading Drives Growth in Hong Kong’s Markets
Despite the contrasting influence of China, Hong Kong has opened up significantly to the crypto industry. That has led the Thinking Crypto analyst to believe China could backtrack from its anti-crypto policies and open up crypto trading for its citizens by 2025. He believes Hong Kong’s influence, especially its openness to crypto ETFs, could spread beyond its regional borders and have a wider influence in the crypto industry.
Considering Bitcoin’s technical behavior, Hong Kong’s crypto-friendly policies, and other positive crypto developments around the globe, analysts believe a crypto market bull run could be close. Bitcoin’s recent performance reflects a bullish outlook, with the cryptocurrency breaking above the 0.768 Fibonacci retracement on the daily chart to trade for $65,834 at the time of writing, per TradingView’s data.
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