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Bitcoin Finds Support at $7,300 as “Reaccumulation” Stage Kicks In

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Bitcoin Finds Support at $7,300 as "Reaccumulation" Stage Kicks In

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Bitcoin price ended the week on a slightly deflated note as it came down more than 20% of its 2019 high yesterday on a flash crash to as low as USD 6,300 before enjoying a strong recovery to current levels, finding support at USD 7,300 for the weekend.

Bitcoin bulls were not perturbed by the sudden slip from USD 8,000, however, with many now pointing to this as a so-called “reaccumulation” stage about to kick in for Bitcoin. This refers to a cyclical phase leading up to past Bitcoin bull runs, whereby a strong rally ends for a temporary pullback, allowing for more accumulation of Bitcoin at lower prices.

https://twitter.com/Finance__Future/status/1129327588747358208

In the early months of 2019, Bitcoin accumulation had been identified by many analysts, also a sign typically seen as a precursor to significant rallies in the past. For analysts such as Fundstrat, recent weakness in Bitcoin price only presents rare opportunities to enter the market at opportunistic levels, maximizing profitability when the eventual recovery begins.

As it stands, the fundamentals still look strong for Bitcoin, and any further dips from current levels will only prompt optimists to “buy the dip”.

Overall, cryptocurrency fundamentals, led by Bitcoin, continue to look impressive, with corporate giants slowly entering the fray and regulatory jurisdictions around the world warming up to the idea of a world where fiat coexists with Bitcoin.

 

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