A noted cryptocurrency analyst says Bitcoin (BTC) is no longer in the “danger zone” where it could fall below the lower end of its range.
Anonymous trader Rekt Capital told his 472,200 followers on social media platform X that although the “danger zone” has passed, Bitcoin could still fall about 13% from its current value.
According to the analyst, based on past cycles, Bitcoin will enter a “danger zone” after the halving event, where miners' rewards are halved, and will experience a significant drop. After the “danger zone,” Bitcoin historically enters a “post-halving reaccumulation” phase, where it trades sideways within a certain range.
“Since the end of the post-Bitcoin halving ‘danger zone’, Bitcoin has risen to $71,500. However, around $71,500 is the high resistance range of the macro reaccumulation range and Bitcoin has been rejected from there. Consolidation continues and history suggests it could continue for a few more weeks between $60,000 and $70,000.”
The analyst also said that based on past examples, Bitcoin may not break above the $70,000 high until September.
“Historically, Bitcoin has always been rejected from the high of the range during its first post-halving breakout attempt. Moreover, history suggests that this re-accumulation lasts much longer. Bitcoin tends to break out of these re-accumulation ranges only up to 160 days after the halving, meaning we won’t see Bitcoin break out of the re-accumulation range until September 2024.”
At the time of writing, Bitcoin was trading at $69,012, up 2% over the past 24 hours.
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