Bitcoin Enters Accumulation Phase After Exiting โDanger Zoneโ
Technical analyst Rekt Capital has indicated that Bitcoin has successfully navigated the post-halving โdanger zoneโ and is now in an accumulation phase, with selling pressure showing signs of weakening.
- Previous halving events led to increased volatility, resulting in what was termed the โdanger zone.โ
- In this current cycle, Bitcoinโs price dropped modestly by 6.5% over three weeks, followed by a 15% surge, signaling a strong exit from the danger zone.
- Rekt Capital stated, โThe Post-Halving Bitcoin โDanger Zoneโ is officially over, and Bitcoin is celebrating with a good bounce from the Re-Accumulation Range Low support.โ
Bitcoin Price Stability Above $60,000 Support Level
In a recent blog post, Rekt Capital emphasized the critical role of the $60,000 support level in sustaining the upward trend and potentially reaching the $68,000 mark.
- The correction in Bitcoinโs price is believed to be over, with expectations that the price will remain above $60,000 moving forward.
- The resilience of the current support level is seen as a positive indicator for Bitcoinโs trajectory amidst ongoing market fluctuations.
- Investors are keeping a close eye on the upcoming CPI release, which could impact market sentiments and influence Bitcoinโs price movements.
Factors Influencing Bitcoinโs Price
Several factors are contributing to the outlook on Bitcoinโs price performance:
- Inflation concerns remain high, exceeding the Federal Reserveโs target and potentially influencing interest rates.
- Increased government debt and policy adjustments by regulatory bodies could make alternative investments like Bitcoin more attractive.
- Expectations from industry experts like Arthur Hayes and financial institutions like Standard Chartered are shaping predictions about Bitcoinโs price reaching new milestones.
Pantera Capitalโs Positive Outlook on Bitcoin
Leading crypto hedge fund Pantera Capital has reiterated its bullish stance on Bitcoin, forecasting a potential surge in price up to $114,000 by August 2025.
- Utilizing the stock-to-flow model, Pantera analyzed Bitcoinโs supply dynamics and historical price trends to project future price movements.
- Historical data has shown significant price increases post-halving events, supporting the notion of potential growth in Bitcoinโs value over time.
- Pantera Capitalโs analysis suggests that Bitcoin prices typically peak around 2.6 years after halving events, aligning with the projected surge in August next year.
Hot Take: Bitcoinโs Promising Trajectory Ahead
As Bitcoin shows signs of stability and resilience in the face of market challenges, experts and industry players remain optimistic about its future performance and potential for reaching new price milestones.