Rekt Capital, a well-known cryptocurrency trader and analyst, revealed some interesting findings in their recent analysis of Bitcoin’s current price. The crypto asset’s unprecedented prognosis shows that it is mimicking historical price actions that happened during a bull-cycle eight years ago. Years ago, there were many years.
Bitcoin Price History: Similar Trends?
Rekt Capital stated that this is the only way to do it Bitcoin It is incredible that the price is repeating a trend 8 years old. BTC is poised to grow significantly in the coming months, given the size of the bull cycle that ended in 2016. BTC’s growth was impressive during the bull cycle of 2016, with a nearly 3,00% increase. Bitcoin Halving event.
Rekt Capital has now drawn attention to its previous post about Bitcoin’s post-Halving motion, which it dubbed as the Post-Halving Risk Zone. This is where the analyst sees the digital asset currently.
A similar pattern to that of 2016 has been repeated. In 2016, Bitcoin’s move to the negative below the Re-accumulation Range was approximately 17%. In 2024, the divergence will be 6% lower.
Rekt Capital has previously confirmed that in 2016, Bitcoin experienced a long -11% drop before moving upwards.
If there is a downward volatility around the Low of Re-Accumulation Range, then 2016 data shows that. BTC The upside could be a positive turn in the next Post time is taken into account.
Post-Halving “Danger Zone” Rekt Capital said that the data from 2016 shows that the range low of $60,600 may have some volatility in the next four days.
BTC Pre-Having the Danger Zone
Experts have also found a Danger Zone where Pre-Halving reverses always began. Rekt Capital says that historically, Bitcoin has seen pre-Halving Retracements between 14 to 28 days prior to the event. This cycle is no different..
According to him, Bitcoin experienced its first retracement of -18% 30 days prior to the Halving. In 2016, this retracement began 28 days in advance, meaning BTC may move in the direction of 2016’s. Rekt Capital, a financial firm, is convinced that the danger zone will occur following Halving.
The recent retracement has been deeper than previous retracements and it is longer. It spans several weeks. The expert concluded that the retracement from current all-time high is deeper and longer than previous retracements, spanning several weeks. predicted A high probability exists that Bitcoin has hit a bottom.
As of the moment of this article, Bitcoin’s price was experiencing a positive trend, with a rise of 0.43% in the last day to $64,126. In the past 24 hours, both its trading volume and market capitalization have increased.
Chart by Tradingview.com. Image from iStock.
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