A cryptocurrency expert and trader is cautioning that Bitcoin may experience a downward trend in the next two weeks. Rekt Capital, the analyst known by a pseudonym, shares with his 74,300 followers on YouTube that the current correction in Bitcoin’s price may resemble the pattern seen during the 2016 halving event. He explains that back then, Bitcoin went through two corrective waves: one before the halving and another after the halving. Rekt Capital suggests that based on this historical precedent, it is possible for Bitcoin to go through another pullback in the coming weeks following the recent halving. He emphasizes that while some retracements occur before the halving, the majority of them happen afterward. In 2016, there was a similar scenario where about a month before the halving, a pre-halving retracement occurred. However, even after the halving, there was further downside movement, extending the danger zone for a few more weeks. Rekt Capital advises considering both the pre-halving and post-halving danger zones. Based on previous price action, he suggests that Bitcoin could remain in the post-halving danger zone until next month. The analyst states that the current support zone for Bitcoin at around $60,000 may prove to be resilient if it holds steady over the next couple of weeks. He highlights the importance of the next two weeks and how Bitcoin’s ability to maintain its position within this range will provide confidence in the continuation of the re-accumulation range low. As of now, Bitcoin is trading at $62,871, experiencing a decline of over 3% in the past day.
