Analysis of Historical Trends Indicates Bitcoin May Have Passed the Risk Threshold – Could a Rally Toward $73,000 Be on the Horizon? – Insights from TradingView News
<div id="">
<p class="">
<span class="container-S5VA5POt">
<figure>
<div style="height:inherit;margin:0 auto;max-height:600px;max-width:1028.5714285714284px;aspect-ratio:1.7142857142857142" class="preview-gDIex6UB fixedHeight-gDIex6UB preview-S5VA5POt">
<picture class="picture-gDIex6UB">
<source src="https://s3.tradingview.com/news/image/zycrypto:0a6f5e2d2094b-3b85a5e34947d8b69a2dd46768f1a57a-resized.webp" type="images/webp"/>
<img style="background-color:#437d73" alt="Banking Giant UBS Ventures Into Crypto With Spot Bitcoin ETF Investment" src="https://s3.tradingview.com/news/image/zycrypto:0a6f5e2d2094b-3b85a5e34947d8b69a2dd46768f1a57a-resized.jpeg" role="presentation" loading="lazy" class="image-gDIex6UB image-S5VA5POt"/>
</picture>
</div>
<figcaption class="caption-S5VA5POt">
<span class="copyright-S5VA5POt">ZyCrypto</span>
</figcaption>
</figure>
</span>
</p>
<p class="">
Recent trends suggest that Bitcoin has moved past its post-halving adjustment period, known for possible price dips below its lower limits. A noted cryptocurrency expert points to a shift toward a reaccumulation phase, using historical data as a reference.
</p>
<p class="">
Following a downturn, Bitcoin's value seems to stabilize at around $69,000, despite the U.S. SEC nodding through several Ethereum-based spot ETFs. Now that Bitcoin has apparently dodged the "danger zone," the question arises: will it push forward with an upswing, or is the market bracing for another slide?
</p>
<p class=""><strong>Extended Period of Lateral Bitcoin Trading Forecasted by Analyst</strong></p>
<p class="">
On May 24, cryptocurrency analyst Rekt Capital shared insights stating that Bitcoin's notorious post-halving pullback period is over.
</p>
<p class="">
In previous cycles, Bitcoin typically adjusts following the event where block rewards are halved. Following this so-called "danger zone," the digital currency tends to enter a sideways trading phase, according to Rekt Capital. This means Bitcoin may experience further fluctuations within a confined band before stabilizing.
</p>
<p class="">
"Post-halving 'danger zone' ended, Bitcoin ascended to $71,500, only to face resistance at this upper limit of the macro re-accumulation band, leading to a rebound," Rekt Capital explains. "The market is still settling, and historical patterns suggest this could last a few more weeks, in the $60,000-$70,000 range."
</p>
<p class="">
Rekt Capital also posits that, based on past trends, Bitcoin's trade values might struggle to break the $70,000 barrier before September.
</p>
<p class="">
"Typically, Bitcoin faces rejections at the upper range after initial post-halving breakouts. Additionally, these re-accumulation periods tend to extend. Bitcoin usually breaks out from these bands no sooner than 160 days post-halving, which might align with a potential surge in September 2024."
</p>
<p class=""><strong>Snapshot of Bitcoin's Market Price</strong></p>
<p class="">
During the current cycle, Bitcoin's value dipped over 20% from a peak of $73,737 in mid-March to approximately $56,780 by May 1, possibly marking the end of the post-halving correction.
</p>
<p class="">
May 21 saw Bitcoin briefly exceed the crucial $70K level before falling back to the vicinity of $67,000. Since then, it has made a modest comeback, with prices sitting at $69,176, reaffirming the reaccumulation phase narrative.
</p>
<p class="">
Despite the crypto's horizontal market trends, industry commentators continue to express optimism. For example, veteran market observer Tom Lee posits an end-of-year target for Bitcoin at $150,000.
</p>
</div>
Source link
#Historical #Cycle #Data #Suggests #Bitcoin #Danger #Zone #Return #Imminent #TradingView #News