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- Bitcoin (BTC) is predicted to enter a bullish reversal phase following a post-halving correction, according to a crypto analyst.
- The analyst, known as Rekt Capital, suggests that Bitcoin is following a 2016 cycle pattern.
- Bitcoin has likely reached its cycle post-halving bottom at $56,000, with key support holding around $60,000.
Bitcoin is predicted to enter a bullish reversal phase following a post-halving correction, according to a closely followed crypto analyst. The digital currency is following a 2016 cycle pattern and has likely reached its cycle post-halving bottom at $56,000.
Bitcoin Enters Bullish Reversal Phase
Rekt Capital, a pseudonymous crypto analyst, tells his 466,400 followers that Bitcoin seems to be following a 2016 cycle pattern. This pattern was observed when Bitcoin dipped after the halving event – during the so-called ‘danger zone’ – and then soared to new all-time highs (ATHs).
Bitcoin Exits Historic Correction Period
According to Rekt Capital, Bitcoin appears to have exited the historic correction period on the weekly chart after April’s halving event when miners’ rewards were cut in half. He believes that Bitcoin has likely already reached its cycle post-halving bottom when it touched the $56,000 mark. He further suggests that if $56,000 was not the bottom, then the current pullback will have officially equaled the longest retrace in this cycle at 63 days.
Key Support for Bitcoin Holds at $60,000
Rekt Capital states that key support for Bitcoin is holding around $60,000 as momentum builds to the upside, which could send BTC to $68,000 again. Bitcoin is showing early-stage signs of slowing down in its sell-side momentum, slowly developing a curl against the ~$60000 support. ~$60000 needs to continue to hold as it has been holding thus far for this curl to progress and eventually lift up.
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Conclusion
Bitcoin is currently trading for $62,971, up 2% in the last 24 hours. The prediction of a bullish reversal phase and the holding of key support around $60,000 could potentially see Bitcoin reaching new highs in the near future.
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