- Rekt Capital, a renowned cryptocurrency analyst, has highlighted a critical development in Bitcoin’s price, noting that the cryptocurrency has perfectly repeated a historical behavior from 2016.
- According to the analyst, Bitcoin is entering the post-halving re-accumulation phase, a trend that could trigger an upward movement, pushing Bitcoin back to its recently achieved all-time high.
- Rekt Capital also predicts a downside volatility around the re-accumulation range low over the next ten days, based on the 2016 Bitcoin trend pattern.
Bitcoin’s price mirrors a historical trend from 2016, entering the post-halving re-accumulation phase, according to renowned cryptocurrency analyst Rekt Capital. This phase could trigger an upward movement, pushing Bitcoin back to its all-time high.
Bitcoin Repeats Historical Behavior
Rekt Capital, a renowned cryptocurrency analyst, has highlighted a critical development in Bitcoin’s price. The analyst noted that the flagship cryptocurrency has perfectly repeated a historical behavior from the 2016 Bitcoin halving fallout. Using the BTC/USD weekly chart, Rekt Capital revealed that Bitcoin offers a downside wick below the bottom of its current re-accumulation range within a three-week window after the recent halving.
Entering the Post-Halving Re-Accumulation Phase
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. This phase could last longer than the danger zone and is expected to trigger an upward movement, pushing Bitcoin back to the recently achieved all-time high.
Downside Volatility Predicted
Rekt Capital also highlighted that Bitcoin experienced its first -18% pre-halving retrace approximately 30 days before the Bitcoin Halving. Following this correlation, the analyst predicts a downside volatility around the re-accumulation range low over the next ten days. He believes that the post-halving danger zone will end in ten days, but 2016 history suggests downside volatility at the $60600 Range Low is a possibility.
Conclusion
As Bitcoin mirrors a historical trend from 2016, investors and traders should prepare for potential volatility in the short term. However, the long-term outlook remains positive as the cryptocurrency enters the post-halving re-accumulation phase, which could push Bitcoin back to its all-time high.
