Researchers at Adamant Capital say Bitcoin is entering an accumulation phase which will see the cryptocurrency trade in a tight range on the way to another massive bull run.
Bitcoin Will be Range Bound in Accumulation Phase
In a report published on Thursday (April 18, 2019), analysts at Adamant Capital characterized the present Bitcoin cycle as an accumulation phase. In this phase, the researchers expect range-bound trading to characterize the BTC price action.
An excerpt from the summary introduction in the report reads:
During this accumulation phase, we expect for Bitcoin to trade in a range of $3,000 to $6,500 until the new bull market permanently cements the denarian cryptocurrency as a multi-trillion-dollar asset class.
According to the researchers, range-bound price action which is a hallmark of an accumulation phase signifies weaker hands trying to take profits at the higher price range and the stronger, more committed traders buying the bottom range in expectation of the coming price boom.
Going by previous…