Bitcoin analyst indicates post-halving “Danger Zone” is nearing its end
Rekt Capital’s analysis noted that Bitcoin is perfectly following its past post-halving pattern, which is a good sign for Bitcoin investors.
The current trade price of Bitcoin (BTC), the top Cryptocurrency by market cap, is $61,000 & this trade price is 3.6% down over the last 7 days. Some crypto traders noted this calmness as a sign of a big dump for the near future.
On 11 May 2024, a Popular Crypto analyst Rekt Capital shared his analysis on Bitcoin and said that $60,600 trade price is a stable level for the Bitcoin market for future pumps.
The analyst compared Bitcoin’s price performance following the Bitcoin Halving event, to historical data from 2016. Notably, Bitcoin experienced a -11% downside wick approximately 21 days after the Halving in 2016, signalling potential volatility.
Similarly, in the current cycle, a -6.5% downside wick occurred around the Re-Accumulation Range Low 14 days after the Halving, fulfilling expectations of downside volatility. The analysis indicates that the “Danger Zone” is nearing its end within a couple of days, with Bitcoin poised for an upward trajectory if it maintains a price level above $60600 by week’s end.
Crypto supporters vs haters
In the present time, the hostile regulatory environment around the US crypto sector is at a very high peak and these situations are forcing companies to leave the US market, to survive.
These days, the majority of crypto entrepreneurs are expecting a better situation for crypto businesses, post-US presidential election.
Notably, the current American President Joe Biden’s administration introduced several policies against the adoption of cryptocurrencies & blockchain technology.
On the other hand, former US president Donald Trump is asking people to support him in the upcoming election, so that he can support crypto adoption.
Read also: 7 Altcoins With Room To Grow in Cryptocurrency Market
