One crypto analyst and trader believes Bitcoin (BTC) is no longer at risk of further market correction.
An analyst known by the pseudonym Recto Capital told 76,900 YouTube subscribers that based on historical precedent, Bitcoin could fall below its range following a halving event, where miners' rewards will decrease. He said he had passed the phase, or “danger zone.” Cut in half.
“Essentially, the danger zone, the post-halving danger zone, is a three-week period where Bitcoin could generate downside volatility below its current reaccumulation range, and that danger zone is over. And the fear that always occurs when downside volatility falls below the reaccumulation range is over. And the bottom of the correction is probably in.”
Based on past cycles, analysts believe that Bitcoin is currently in a reaccumulation phase where the digital asset tends to trade sideways.
“The upcoming re-accumulation phase is not over yet…this is the real accumulation phase now. We will probably spend the next few weeks wandering between lows and highs, $60,000 and $70,000 territory. As we have seen, this can take at least 150 days.”
At the time of writing, Bitcoin was trading at $65,364, down more than 1% in the past 24 hours.
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