Bitcoin’s Current Position Analyzed by Crypto Expert 📈
A well-known crypto analyst reveals that Bitcoin (BTC) has moved out of the danger zone, indicating a reduced risk of dipping below its range low. However, the analyst warns that there’s still a possibility of a 13% downturn from its current value.
Understanding the Crypto Cycle 🔄
According to the pseudonymous trader Rekt Capital, Bitcoin typically faces a perilous situation after a halving event, resulting in significant declines in its value. This phase is what the analyst terms as the “danger zone.” Subsequently, Bitcoin enters a post-halving reaccumulation phase where it trades sideways within a particular range.
- Bitcoin broke out to $71,500 after the danger zone phase ended, encountering resistance at this level, leading to consolidation between $60,000 and $70,000.
Anticipating Future Movements 📅
The analyst further suggests that based on historical trends, Bitcoin might not surpass the range high of $70,000 until September. This delay is in line with past patterns where Bitcoin typically resists breaking out of its range high after halving events.
- Historically, Bitcoin has shown a tendency to break out of reaccumulation ranges approximately 160 days post-halving, hinting at a potential breakout in September 2024.
Current Market Performance 📊
At the time of writing, Bitcoin is valued at $69,012, reflecting a 2% increase in the last 24 hours.
Hot Take: What Lies Ahead for Bitcoin 🔮
The post Bitcoin Is Currently out of the ‘Danger Zone,’ According to Crypto Analyst – But There’s a Catch provides valuable insights into Bitcoin’s current position in the market and the potential scenarios that could unfold in the near future.
Sources:
Rekt Capital Twitter
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