Rekt Capital: Bitcoin is No Longer in the “Danger Zone”! What’s next?

Rekt Capital, one of the closely followed analysts of the cryptocurrency world, draws attention with its analyzes on Bitcoin (BTC). Rekt Capital states that Bitcoin is no longer in the “danger zone” where there is a possibility of falling below the lower range. Although this assessment provides significant relief for Bitcoin investors, Rekt Capital warns that Bitcoin could fall to around 13% of its current value. Here are the details…

According to the analyst, looking at Bitcoin’s past cycles, it seems that the cryptocurrency enters the “danger zone” after each halving event. Halving events are events in which Bitcoin’s block reward is halved, thus reducing new supply. These events often lead to large fluctuations in Bitcoin’s price. Rekt Capital states that Bitcoin lost significant value in the post-halving period and entered a period that it calls the “danger zone”.

However, it is observed that Bitcoin has historically traded sideways in a range after exiting this “danger zone” and entered the “post-halving reaccumulation” phase. This phase marks an important period for Bitcoin investors. The reaccumulation phase is a process in which the price remains within a certain range without major fluctuations, and investors and traders accumulate and take positions for potential future increases.

“Bitcoin has risen to $71,500 since the post-halving ‘danger zone’ ended. However, around 71,500d is where the macro reaccumulation range has higher resistance and is where Bitcoin was rejected. “Consolidation is ongoing and history shows that consolidation will continue for a few more weeks between $60,000 and $70,000.”

NEWS CONTINUES BELOW

The analyst also adds that based on historical data, Bitcoin may not break out of the upper $70,000 range until September.

“Historically, Bitcoin has always been rejected from the higher range on the first attempt to breakout after the halving. Moreover, history shows that this reaccumulation should last much longer. Bitcoin tends to break out of these reaccumulation ranges only 160 days after the halving event. This would mean that Bitcoin could only break out of the accumulation range again in September 2024.”

You can access current market movements here.

Writer Şerife Pek Doğru about :

I entered the crypto industry with the investment I made in 2019. In the same year, I started writing about blockchain technology and currently work as a writer at KoinFinans. Legal regulations regarding cryptocurrencies are one of the main topics I follow.