Bitcoin Analyst Predicts End of Market Correction, Enters Reaccumulation Phase
A cryptocurrency expert and trader has stated that Bitcoin (BTC) is no longer facing the threat of another market downturn.
The analyst, who goes by the name Rekt Capital, says that according to historical trends, Bitcoin has moved past the critical period, or “danger zone.”
This phase, which occurs after the halving event when miners’ rewards are halved, is typically when Bitcoin is at risk of dropping below its previous low range.
Rekt Capital explained that the danger zone, a three-week window post-halving characterized by potential downward volatility below Bitcoin’s reaccumulation range low, has ended.
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The period of concern about such volatility has also concluded, suggesting that the market correction has likely reached its bottom.
According to the analyst, based on past market cycles, Bitcoin is now in a reaccumulation phase. During this phase, the digital currency generally trades sideways.
This means Bitcoin is expected to fluctuate between its lower and upper range, specifically between $60,000 and $70,000, for the coming weeks. Historically, this phase can last for at least 150 days.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
