In the past month, the Cryptocurrency market has faced massive volatility, knowing that external factors, including geopolitical wars, and regulatory issues, have actively disturbed the market to a great extent. The recent Bitcoin Halving of April 20 was no exception to a crypto price crash. Behind such a challenging breakdown, Bitcoin has finally recovered from the losses and has surpassed the risky phase, highlighting the current market performance.
“The Bitcoin Post-Halving “Danger Zone” is officially over.” According to a recent tweet made by a crypto analyst, Rekt Capital. Moreover, he states that “celebrating with a good bounce from the Re-Accumulation Rnage Low Support”. This conveys that he is quite optimistic about Bitcoin’s price surge.
#BTC
— Rekt Capital (@rektcapital) May 13, 2024
The Bitcoin Post-Halving "Danger Zone" (purple) is officially over$BTC #Crypto #Bitcoin pic.twitter.com/s2mURQmdaK
According to the market observers’ report, Bitcoin in April was trading at $70k to $65k and eventually, at month’s end, dropped to $60k. This price movement made the investors suspicious about bitcoin’s further status in the crypto market and caught the market’s interest in the sale. However, the recent scenario has successfully covered the halving scenes and is back in the re-accumulation stage.
Rect Capital’s further tweet says that “if $56,000 was not the bottom, then this current pullback will have officially equaled the longest retrace in this cycle at 63 days. History, however, suggests that this current pullback ended at $56,000 and 47 days.” This means that analysts consider a positive trend in Bitcoin based on past standings.
Bitcoin’s Position After Halving
“Danger zone” comes right after the halving event. After greatly suffering from the halving phase, the Bitcoin price for a few days became unpredictable and in that consideration, the price starts to decline, resulting the start of a danger zone or risky phase. Based on past halving events, crypto traders can get clues on further price changes are happening.
In line with the above content, Rect Capital considered the past halving analysis to make the ideal statement on further bitcoin price. As per the analysis, the recent halving was similar to the 2016 halving. Additionally, the tweet says that even though bitcoin attempted a downfall of 6.5%, it will reback upward, showing a price surge with a managed recovery.
The current Bitcoin price surge has generated hope among investors, knowing that Bitcoin will continue its growing stage with expected stability over past losses.
Disclaimer: We are obsessed with cryptocurrency and love to write articles to express our thoughts. This article is for informational purposes and contains the writer’s personal opinion. Don’t consider it financial advice from the author or the CoinzBTC team. Do your research and think twice before making any investment decisions. CoinzBTC does not take responsibility for any financial losses.
Also read: Bitcoin’s Further Market Standout: Expecting Another Downtrend or Bullish Resurgence?
