- Bitcoin has reportedly exited the post-halving “danger zone” and entered an accumulation phase, according to technical analyst Rekt Capital.
- The cryptocurrency is currently trading at nearly $62,600, reflecting a 3% increase in the past 24 hours.
- Rekt Capital emphasizes the importance of the $60,000 support level for the continuation of the upward trend, with a potential return to the $68,000 mark.
Bitcoin exits post-halving “danger zone” and enters accumulation phase, signaling a potential return to the $68,000 mark, according to technical analyst Rekt Capital.
Bitcoin Exits Post-Halving “Danger Zone”
Technical analyst Rekt Capital suggests that Bitcoin has emerged from the post-halving “danger zone” and entered an accumulation phase, as indicated by weakening selling pressure. After previous halving events, Bitcoin typically experienced increased volatility, which came to be known as the “danger zone.” In the current cycle, Bitcoin’s price dropped by a mild 6.5% over three weeks, followed by a 15% surge, signaling a strong exit from the danger zone.
Bitcoin Price to Hold Above $60,000 Support
In a recent blog post, Rekt Capital emphasized the importance of the $60,000 support level for the continuation of the upward trend, with a potential return to the $68,000 mark. “The Bitcoin correction should be over, and price should be able to maintain itself above $60,000 going forward.” While past trends do not guarantee future outcomes, the resilience of the current support level is a positive indicator for Bitcoin’s trajectory.
Potential Impact of US Presidential Election on Bitcoin’s Value
The outcome of the upcoming US presidential election could also impact Bitcoin’s value, according to Standard Chartered. The bank suggests that a potential win for Donald Trump might be beneficial for Bitcoin, considering potential shifts in fiscal and monetary policies. Standard Chartered expects Bitcoin’s price to reach $150,000 by the end of the year and $200,000 by 2025.
Pantera Capital Bullish on Bitcoin
As reported, crypto hedge fund Pantera Capital has reiterated its bullish stance on Bitcoin. It predicts a potential surge in price to $114,000 by August 2025. The forecast comes as the industry grapples with challenges such as inflation concerns, Federal Reserve interest rate policies, and the escalating Middle East crisis.
Conclusion
With Bitcoin exiting the post-halving “danger zone” and entering an accumulation phase, the cryptocurrency’s future looks promising. The resilience of the $60,000 support level and the potential impact of the upcoming US presidential election could further influence Bitcoin’s trajectory. As the industry navigates through various challenges, investors and analysts remain optimistic about Bitcoin’s potential surge in the coming years.
