Bitcoin is experiencing a strong recovery after a period of corrections and uncertainty. Renowned cryptocurrency analyst, Rekt Capital, believes that BTC is following a pattern similar to the 2016 post-halving cycle. Taking to the social network X, he informed his followers that Bitcoin has successfully exited the post-halving “danger zone” and is now on track to reach new heights.
Rekt Capital’s analysis emphasizes that Bitcoin’s post-halving danger zone is officially over. The cryptocurrency is celebrating this milestone with a significant recovery from the low support of the reaccumulation range. This reaccumulation phase has been crucial, as it is believed that Bitcoin may have found its cycle bottom when it hit $56,000. According to the analyst, if $56,000 was not the bottom, the current pullback would have been the longest in this cycle, lasting 63 days. However, historical data suggests that the pullback ended at $56,000 and lasted for 47 days.
At present, BTC’s key support level is around $60,000, which is vital for maintaining positive momentum. If this level continues to be defended successfully, there is a possibility that Bitcoin will once again reach levels around $68,000.
Rekt Capital also notes that Bitcoin is displaying early signs of slowing in its selling momentum. It is gradually developing a curve against support around $60,000. To ensure that this curve progresses and eventually strengthens, the $60,000 support needs to be maintained.
This positive movement reinforces the analysis that the worst of the danger zone may be behind us, and the cryptocurrency market is showing signs of renewed strength. As of the time of publication, the price of BTC stands at $63,009.74, marking a 3.5% increase in the last 24 hours.
Disclaimer: The views and opinions expressed in this article, or by anyone mentioned, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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