Bitcoin is making a strong comeback after a period of uncertainty and corrections. Renowned cryptocurrency analyst, Rekt Capital, believes that BTC is following a pattern similar to the 2016 post-halving cycle. On the social network X, he informed his followers that Bitcoin has finally moved out of the post-halving “danger zone” and is poised to reach new heights.
In his analysis, Rekt Capital emphasized that Bitcoin’s post-halving danger zone is officially over and the cryptocurrency is celebrating with a significant recovery from the low support of the reaccumulation range. This reaccumulation phase has been crucial for Bitcoin, as it likely found its cycle bottom at $56,000. If $56,000 was not the low point, then the current pullback would have officially become the longest in this cycle, lasting for 63 days. However, historical data suggests that the pullback ended at $56,000 and lasted for 47 days.
Currently, key support for BTC lies around $60,000, which is a critical level for maintaining positive momentum. If this level continues to be defended successfully, there is a possibility that Bitcoin will reach levels around $68,000 again.
Rekt Capital adds that Bitcoin is displaying early signs of slowing down in its selling momentum and is gradually developing a curve against the support at $60,000. To further progress and eventually increase, the support at $60,000 needs to be maintained as it has been thus far.
This positive movement reaffirms the analysis that the worst of the danger zone may be behind us, and the cryptocurrency market is showing signs of renewed strength. At the time of writing, the price of BTC stands at $63,009.74, with a 3.5% increase in the last 24 hours.
Disclaimer: The author and anyone mentioned in this article express their views and opinions for informational purposes only and do not provide financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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