Bitrabo Editorial
An analysis by Crypto expert Rekt Capital suggests that Bitcoin could be leaving the ‘danger zone’ within the next two days. This comes at a time when Bitcoin’s price hovers around $68,000, sparking discussions on the potential upward trend of the cryptocurrency.
Implications of Bitcoin Exiting the Danger Zone
Diverse predictions have surfaced regarding Bitcoin’s future price movements following the recent halving event. While some analysts foresee a drop to $52,000, others remain optimistic about Bitcoin’s trajectory. Rekt Capital’s analysis aligns with the bullish sentiment, drawing parallels between Bitcoin’s current price action and its behavior in 2016.
Rekt Capital refers to a ‘danger zone,’ which, according to his assessment, mirrors Bitcoin’s price behavior post-halving. Recent market movements saw Bitcoin dip below $60,000 before rebounding, resembling a pattern observed in 2016. This suggests that Bitcoin may soon break free from the ‘danger zone,’ with the timeline set at the next two days.
What Lies Ahead for Bitcoin?
Currently priced at $60,728, Bitcoin has experienced a 4.7% decline in the past week, lingering below the $70,000 mark achieved earlier in April. The impact of the halving event on Bitcoin’s supply and demand dynamics is yet to be fully realized, potentially paving the way for future price movements.
Historically, Bitcoin’s significant price rallies have occurred six to nine months post-halving. This suggests that Bitcoin could remain around $60,000 for a while longer, allowing investors to accumulate before a possible surge in value.
Featured image from www.projectmasam.com, chart from TradingView