A intently adopted crypto analyst says that Bitcoin (BTC) is not within the “hazard zone,” when there’s a chance of a dip beneath its vary low.
Pseudonymous dealer Rekt Capital tells his 472,200 followers on the social media platform X that whereas the “hazard zone” has handed, Bitcoin may nonetheless dip about 13% from its present worth.
Primarily based on previous cycles, Bitcoin enters the “hazard zone” after a halving occasion, when miners’ rewards are halved, and declines considerably, in line with the analyst. After the “hazard zone,” Bitcoin traditionally enters a “post-halving reaccumulation” part when it trades sideways inside a spread.
“For the reason that Bitcoin post-halving ‘hazard zone’ ended, Bitcoin broke out to $71,500. Nevertheless, ~$71,500 is the place the vary excessive resistance of the macro re-accumulation vary is and that is the place Bitcoin rejected from. The consolidation continues and historical past suggests it’ll proceed for a number of extra weeks between $60,000 and $70,000.”
The analyst additionally says that primarily based on historic priority, Bitcoin could not escape of the vary excessive of $70,000 till September.
“Traditionally, Bitcoin has at all times rejected from the vary excessive on the primary try at a breakout after the halving. Furthermore, historical past suggests this re-accumulation ought to final for much longer. Bitcoin tends to interrupt out from these re-accumulation ranges solely as much as 160 days after the halving. That will translate to a Bitcoin breakout from the re-accumulation vary solely in September 2024.”
Bitcoin is buying and selling for $69,012 at time of writing, up 2% within the final 24 hours.
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