Bitcoin Enters Bullish Reversal Phase, Says Crypto Analyst 📈
A respected crypto analyst suggests that Bitcoin (BTC) is on the cusp of a bullish reversal following a post-halving correction. The analyst, known as Rekt Capital, shares insights on social media about Bitcoin’s current trajectory, drawing parallels to past cycle patterns. According to the analyst, Bitcoin seems poised to replicate a 2016 cycle pattern, where the digital asset dipped post-halving, entered a ‘danger zone,’ and then surged to new all-time highs.
Bitcoin Exiting Historic Correction Period 🚀
Rekt Capital highlights that Bitcoin has officially emerged from the historic correction period on the weekly chart. This development follows April’s halving event, leading to a halving of miners’ rewards. The analyst notes a bounce in Bitcoin’s price from the re-accumulation range low support, signaling a potential end to the post-halving ‘danger zone.’
- Rekt Capital believes Bitcoin hit its cycle post-halving bottom around $56,000.
- If $56,000 marks the bottom, the current pullback would constitute the longest retrace in this cycle at 63 days.
- History suggests the $56,000 level and 47 days signal the end of the pullback.
Key Support Levels for Bitcoin 📊
According to the analyst, critical support for Bitcoin remains near $60,000 as upward momentum gains traction. This surge could potentially propel BTC back to the $68,000 mark. Bitcoin is currently trading at $62,971, showing a 2% increase in the last 24 hours. The analyst emphasizes the importance of the $60,000 level holding to sustain the positive momentum.
Closing Thoughts on Bitcoin’s Movement 🔄
In conclusion, Bitcoin appears to be on a positive trajectory, with signs of a bullish reversal following a post-halving correction. Analysts anticipate a potential surge to new all-time highs if key support levels hold. As Bitcoin continues to show resilience and upward momentum, the crypto community eagerly watches for further price movements.
Hot Take: Bitcoin’s Future Prospects 🔮
As Bitcoin exits the ‘danger zone’ and gains momentum, investors and enthusiasts eagerly anticipate its future trajectory. Analysts’ optimistic outlook and historical patterns suggest a potential surge to new heights, solidifying Bitcoin’s position as a leading digital asset in the crypto market.
Sources:
Rekt Capital Twitter
Rekt Capital Bitcoin Bottom Tweet
Rekt Capital Bitcoin Support Tweet
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