Rekt Capital, a renowned cryptocurrency analyst on X, has highlighted a critical development in Bitcoin’s price. In a recent post, Rekt Capital noted that the flagship crypto has repeated a historical behavior from the 2016 Bitcoin halving fallout.
Using the BTC/USD weekly chart, the renowned analyst revealed that BTC offers a downside wick below the bottom of its current re-accumulation range within a three-week window after the recent halving. From his shared charts, Rekt Capital showed that Bitcoin has completed its navigation across a three-week post-halving danger zone and is stepping into the next phase of the trend, the post-halving re-accumulation.
Notably, Rekt Capital’s shared image showed that while the post-halving danger zone lasted only three weeks, the post-halving re-accumulation could last longer. Furthermore, he revealed that the post-halving re-accumulation would trigger an upward movement, pushing Bitcoin back to the recently achieved all-time high (ATH).
In further explanation, Rekt Capital highlighted that Bitcoin experienced its first -18% pre-halving retrace approximately 30 days before the Bitcoin Halving. According to him, the 2024 pre-halving retrace mirrored that of 2016, which happened over 28 days, closely.
Following this correlation, the analyst thinks there could be a repeat of the 2016 Bitcoin trend pattern. He foresees a downside volatility around the re-accumulation range low occurring over the next ten days.
According to him, the post-halving danger zone will end in ten days, but 2016 history suggests downside volatility at the $60600 Range Low is a possibility.
Bitcoin traded for $61,058 at the time of writing, reflecting a 17.3% pullback from the ATH of $73,794, according to data from TradingView.
Risk Disclaimer
Although Sponsored Trading can be profitable, it is associated with a significant risk of losing your investment. The risks will increase when trading on margin companies. Traders must exercise due diligence and be careful when making their trading decisions.
It is the sole responsibility of the Trader to learn and acquire the knowledge and experience required to use the Trading Platform and anything that will be required to trade properly.
Risk Disclaimer
Although Sponsored Trading can be profitable, it is associated with a significant risk of losing your investment. The risks will increase when trading on margin companies. Traders must exercise due diligence and be careful when making their trading decisions. It is the sole responsibility of the Trader to learn and acquire the knowledge and experience required to use the Trading Platform and anything that will be required to trade properly.
