Crypto Trader Believes Bitcoin Has Moved Past the Post-Halving ‘Danger Zone’ – Here’s His Market Forecast – The Daily Hodl
A cryptocurrency analyst and trader believes that Bitcoin (BTC) is no longer in danger of facing a further market correction.
The analyst, known as Rekt Capital, shares with his 76,900 YouTube subscribers that based on historical data, Bitcoin has moved past the phase known as the “danger zone,” where there is a risk of falling below its range low after the halving event reduces miners’ rewards.
According to Rekt Capital, “The danger zone, the post-halving danger zone where Bitcoin could see downside volatility below its reaccumulation range low, is now over. The fear of downside volatility below the reaccumulation range low is also gone. The correction bottom is likely in.”
Referring to previous cycles, the analyst suggests that Bitcoin is currently in a reaccumulation phase, where the digital asset typically trades sideways.
“The reaccumulation phase that we are entering is ongoing… this is a genuine accumulation phase. We can expect to see Bitcoin trade between the range low and range high, in the $60,000 to $70,000 range, for the next few weeks. This phase could last at least 150 days.”
As of the time of writing, Bitcoin is trading at $65,364, with a decline of over 1% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please note that all transfers and trades are at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice. Please be aware that The Daily Hodl participates in affiliate marketing.
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