- Renowned cryptocurrency analyst, Rekt Capital, has recently shared an interesting insight about Bitcoin’s price trend, suggesting that the digital asset is reflecting a historical price pattern from a bull cycle eight years ago.
- According to Rekt Capital, the way Bitcoin is echoing a previous price trend from a cycle eight years ago is remarkable, and if the 2016 bull cycle is anything to go by, Bitcoin could be set for significant growth in the coming months.
- The analyst also pointed out that Bitcoin is currently in what he calls the Post-Halving Danger Zone, a phase that follows the Bitcoin Halving event and could lead to potential downside volatility.
Bitcoin’s price trend mirrors a historical pattern from eight years ago, suggesting potential significant growth, according to renowned cryptocurrency analyst Rekt Capital.
Bitcoin Mirroring 8-Year Old Bull Cycle Trend
Rekt Capital has drawn attention to the striking similarities between Bitcoin’s current price trend and that of a cycle eight years ago. During the 2016 bull cycle, Bitcoin saw a significant growth of nearly 3,000% following the Bitcoin Halving event. If history repeats itself, Bitcoin could be poised for substantial growth in the upcoming months.
Post-Halving Danger Zone
The analyst further noted that Bitcoin is currently in the Post-Halving Danger Zone, a phase that follows the Bitcoin Halving event. According to Rekt Capital, Bitcoin has veered to the negative below the current Re-Accumulation Range Low, repeating the pattern that began in 2016. If the 2016 data is anything to go by, Bitcoin could potentially turn to the upside in the next 10 days.
Pre-Halving Danger Zone for Bitcoin
Interestingly, Rekt Capital also identified a Danger Zone before the Halving event, where previous Pre-Halving retraces have always started. According to the analyst, pre-Halving retracements have historically been seen in Bitcoin between 14 and 28 days before the event. This cycle hasn’t been any different thus far, suggesting that Bitcoin could follow the same trajectory as in 2016.
Conclusion
In conclusion, while the Post-Halving Danger Zone is expected to end in the upcoming days, the 2016 data suggests that there may be some negative volatility at the $60,600 Range Low in the interim. However, the current retracement from the all-time high has proven to be deeper and longer than past retracements, spanning several weeks. As a result, there is a high probability that Bitcoin prices may have reached a bottom. At the time of writing, Bitcoin was trading at $64,289, indicating a positive sentiment.
