An anonymous cryptocurrency analyst and trader, known as Rekt Capital, has expressed confidence that Bitcoin (BTC) is no longer at risk of experiencing a further market correction. Rekt Capital, who has a substantial following of 76,900 subscribers on YouTube, has based this belief on historical data and patterns. According to the analyst, Bitcoin has moved past the phase referred to as the “danger zone,” which is typically characterized by a potential dip below its lowest trading range following the halving event. The halving event is when miners’ rewards are reduced by half. Rekt Capital stated, “The danger zone, the post-halving danger zone, which is a three-week window where Bitcoin can produce downside volatility below its current reaccumulation range low, that danger zone is over.” The analyst further emphasized that the fear associated with downside volatility below the reaccumulation range low is also over, and the correction bottom has likely been reached.
Drawing from previous market cycles, Rekt Capital believes that Bitcoin has now entered a reaccumulation phase, during which the digital asset tends to trade sideways. However, the analyst predicts that this reaccumulation phase is not yet complete and expects Bitcoin to fluctuate between the range low and the range high, which are the $60,000 and $70,000 regions, for the next few weeks. Rekt Capital highlighted that this phase could potentially last for at least 150 days.
As of the time of writing, Bitcoin is currently trading at $65,364, representing a decline of over 1% in the past 24 hours.
Please note that the opinions expressed by Rekt Capital and featured in this article are not intended to serve as investment advice. It is recommended that investors conduct their own research and exercise caution before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. Additionally, individuals should be aware that any transfers or trades they undertake are done at their own risk, and any resulting losses are their responsibility. The Daily Hodl, the source of this information, does not endorse the buying or selling of cryptocurrencies or digital assets and does not provide investment advice. It is important for readers to understand that The Daily Hodl participates in affiliate marketing.
