Popular cryptocurrency analyst Rekt Capital believes that Bitcoin (BTC) is no longer at risk of further market correction.
While the cryptocurrency world faces frequent volatility and sudden price changes, the search for a safe haven for investors continues. In this context, Rekt Capital’s evaluation is important. The analyst offers an optimistic view that Bitcoin is no longer at risk of further correction.
According to analysis by Rekt Capital, Bitcoin is on a more stable course after the halving event, where miners’ rewards were halved. This indicates that Bitcoin is moving on a more solid foundation and moving away from the danger zone. The halving event causes Bitcoin’s supply to decrease, increasing long-term demand, which is generally seen as a price-supporting factor.
“Essentially speaking, the post-halving danger zone, a three-week window in which Bitcoin could generate downside volatility below its current reaccumulation range, is over. And the terror that occurred when we saw low volatility on the downside below the reaccumulation range is over. This terrorism is over. “And the correction bottom has probably been reached.”
NEWS CONTINUES BELOW
Based on past cycles, the analyst believes that the digital asset is in a reaccumulation phase where it tends to trade sideways.
“The next phase of reaccumulation is not over yet… This is a real phase of accumulation right now. We will probably hover between the lower range and the upper range, the $60,000 and $70,000 regions, in the coming weeks. “As we see, this can take at least 150 days.”
Bitcoin is currently trading at $66,168, remaining almost stable over the last 24 hours.
You can access current market movements here.
