Bitcoin (BTC) has exited the “danger zone,” according to a prominent crypto analyst. Rekt Capital, a trader with a large following on social media, believes that while the danger zone has passed, Bitcoin could still see a dip of around 13% from its current value.
The danger zone typically occurs after a halving event, where miners’ rewards are halved, and Bitcoin experiences significant declines. However, after this period, Bitcoin historically enters a phase of “post-halving reaccumulation,” where it trades sideways within a specific range.
Rekt Capital explains, “Since the Bitcoin post-halving ‘danger zone’ ended, Bitcoin broke out to $71,500. However, this price level represents the range high resistance of the macro re-accumulation range, and Bitcoin has been rejected from this level. The consolidation phase is ongoing, and historical patterns suggest it will continue for several more weeks, with Bitcoin ranging between $60,000 and $70,000.”
The analyst also notes that based on historical trends, Bitcoin may not break out of the range high of $70,000 until September. “Historically, Bitcoin has always been rejected from the range high on the first breakout attempt after the halving. Furthermore, history suggests that this re-accumulation phase should last much longer. Bitcoin tends to break out from these ranges only up to 160 days after the halving event. This would mean that Bitcoin may not break out of the re-accumulation range until September 2024.”
As of now, Bitcoin is currently trading at $69,012, representing a 2% increase in the last 24 hours.
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