- According to a crypto analyst, the “dangerous process” in Bitcoin seems to have ended.
- On May 13, the crypto analyst “Rekt Capital” updated the Bitcoin cycle graph, indicating that the correction after the halving has ended.
- “Bitcoin is celebrating with a good rise at the bottom level of its accumulation area.”
Bitcoin’s “dangerous process” appears to be over, according to a crypto analyst, signaling a potential rise in the cryptocurrency’s value.
Analysts are hopeful about the future of Bitcoin (BTC)!
Bitcoin is currently trading around $63,000. Historical cycle movements may not always be an indicator of future movements. More pullback during the sideways market period following the halving could still be on the table. However, the analyst is confident that current support levels will be maintained:
“Bitcoin is showing signs of slowing down in its selling momentum and is swinging against the $60,000 support.”
For Bitcoin to rise, this level needs to be maintained. Rekt Capital believes the price will rise to $68,000 in the short term. Raoul Pal, the founder of Global Macro Investor, said in a post on May 13, “The macro summer and fall are being driven by the global liquidity cycle.”
Market Predictions for 2024
In early May, former BitMEX CEO Arthur Hayes believed that the market would likely experience a sideways period before starting to move again towards the end of 2024. Hayes brought up a liquidity injection that could potentially shift from the Fed’s monetary policy to riskier assets like cryptocurrencies.
Conclusion
While the “dangerous process” in Bitcoin seems to have ended, analysts warn that historical cycle movements may not always predict future trends. Despite potential risks, experts remain hopeful about Bitcoin’s future, with some predicting a rise to $68,000 in the short term.
