Bitcoin (BTC) Mirrors 2016 Post-Halving Pattern, Predicts Analyst

  • 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.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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