A recent analysis by a prominent crypto analyst suggests that Bitcoin has potentially exited the "danger zone" following a 23% correction, indicating a shift towards reaccumulation. Drawing insights from historical cycle data, the analyst highlights key trends in Bitcoin's market behavior post-halving events.
According to the analysis by crypto market analyst "Rekt Capital," Bitcoin's recent correction may signify the end of the post-halving "danger zone." This period, characterized by retreats in Bitcoin's price after halving events, has historically preceded phases of reaccumulation.
The analyst notes a notable bounce from the reaccumulation range low support, signaling a positive trajectory for Bitcoin.
During this cycle, Bitcoin experienced a 23% decline from its peak in mid-March to $56,800 on May 1, potentially marking the bottom of the post-halving danger zone. The analyst highlights that if $56,000 indeed represents the bottom, this pullback would have equaled the longest retrace in this cycle at 63 days.
BTC has since recovered to trade above $63,000 at the time of writing, supporting the analysis of a return to the reaccumulation zone.
However, the analyst acknowledges that historical cycle movements may not always predict future trends and further pullbacks could occur during the period of sideways chop typical after halving events.
Despite potential uncertainties, the analyst remains confident in current support levels, suggesting early signs of slowing sell-side momentum and a possible move back to $68,000 if support holds.
As Bitcoin navigates through post-halving dynamics, insights from historical cycle data provide valuable perspectives for investors and analysts. While uncertainties remain, the recent analysis offers optimism regarding Bitcoin's trajectory, indicating a potential exit from the "danger zone" and a shift towards reaccumulation.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Readers are advised to conduct their research and consult with a qualified financial advisor before making any investment decisions.
Source: CoinTelegraph
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