Bitcoin Leaves the ‘Danger Zone’ and Advances with Strong Recovery, Analyst Indicates

After a period of corrections and uncertainty, Bitcoin is showing signs of a robust recovery. According to Rekt Capital, a renowned cryptocurrency analyst, BTC appears to be re-enacting a pattern observed in the 2016 post-halving cycle. detailed to his followers on the social network X, he shared that Bitcoin has finally left the so-called post-halving “danger zone” and is on its way to reaching new heights.

During the analysis, Rekt Capital highlighted: “Bitcoin’s post-halving ‘danger zone’ (purple) is officially over. And Bitcoin is celebrating with a nice recovery from the low support of the reaccumulation range.”

This reaccumulation phase has been crucial, as according to the analyst, Bitcoin probably found its cycle bottom when it reached US$56,000. He explains: “If $56,000 was not the low, then this current pullback would have officially equaled the longest pullback in this cycle of 63 days. History, however, suggests this current pullback ended at $56,000 and 47 days.”

Currently, key support for BTC is around $60,000, a crucial point for sustaining positive momentum. If this level continues to be successfully defended, there is a possibility that Bitcoin will again reach marks around US$68,000.

#BTC

If $56,000 was not the bottom then this current pullback will have officially equalled the longest retrace in this cycle at 63 days

History however suggests that this current pullback ended at $56000 and 47 days$BTC #Crypto #Bitcoin pic.twitter.com/OfumXZ1qHi

— Rekt Capital (@rektcapital) May 13, 2024

Rekt Capital adds: “Bitcoin is showing early signs of slowing in its selling momentum, slowly developing a curve against support around $60,000. ~$60,000 needs to continue to be maintained as it has been maintained thus far for this curve to progress and eventually increase.”

This positive movement reinforces the analysis that the worst of the “danger zone” may indeed be behind us, with the cryptocurrency market showing signs of renewed vigor. At the time of publication, the price of BTC was quoted at US$63,009.74, up 3.5% in the last 24 hours.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.