Crypto analyst Rekt Capital has dropped a peculiar evaluation on when Bitcoin may resume its upward trajectory. In accordance with a publish on social media platform X by the favored analyst, Bitcoin may lastly exit the “hazard zone” within the subsequent two days.
This prediction has come amidst speculations on when and whether or not Bitcoin would proceed a worth surge as present worth motion exhibits the crypto is now ranging across the $68,000 worth degree.
Bitcoin Exiting Hazard Zone: What Does This Imply?
Bitcoin has been topic to numerous worth outlooks from completely different crypto analysts previously few weeks, particularly after the latest completion of the halving. Whereas some analysts are predicting a price drop to as little as $52,000, others are still bullish. Rekt Capital’s latest outlook relating to the cryptocurrency places him among the many latter class of analysts who stay bullish.
Rekt Capital’s bullish prognosis relating to Bitcoin appears to be very intriguing, as he’s going by a peculiar time period which he known as the hazard zone. His outlook on the hazard zone relies on Bitcoin’s worth motion in 2016. The cryptocurrency, in his opinion, is at the moment mirroring its worth motion in 2016.
As he famous in a BTCUSD one-week timeframe chart, Bitcoin has largely been in a correction part after the halving, which he known as the re-accumulation vary. Nevertheless, Bitcoin created a wick that prolonged beneath the low of the re-accumulation vary similar to it did in a three-week window after the 2016 halving.
This wick extension refers significantly to Bitcoin’s break beneath the $60,000 worth degree early final week because it prolonged to the $56,000 worth mark. In accordance with him, the extension of this week implies that Bitcoin has happy the Submit-Halving hazard zone and it may finish in simply the subsequent two days.
Bitcoin certainly draw back depraved beneath the Re-Accumulation Vary Low similar to in 2016
Thus price-wise, the Submit-Halving “Hazard Zone” purple has been happy
Time-wise nonetheless, the “Hazard Zone” formally ends in 2 days$BTC #Crypto #Bitcoin https://t.co/5GHCnZrmB1 pic.twitter.com/Qnx9zAevAy
— Rekt Capital (@rektcapital) May 11, 2024
Undoubtedly, Bitcoin’s breakout above this zone means it’s now free from a robust transfer to the draw back. From this level, all of the roads result in a worth uptick if it continues to reflect the 2016 worth motion. Though Rekt Capital didn’t give a selected worth goal, his chart evaluation signifies Bitcoin surging above $180,000, representing a 200% improve from the present worth degree.
Bitcoin is now buying and selling at $60.926. Chart: TradingView
What’s Subsequent For Bitcoin?
On the time of writing, Bitcoin was buying and selling at $60,728 and is down by 4.7% previously seven days. The crypto is but to return to the $70,000 worth degree since early April. It seems as if the supply and demand effect of the halving has but to be factored into the value of BTC.
Traditionally, Bitcoin has skilled worth surges between six to 9 months after previous halvings. This implies the cryptocurrency may nonetheless proceed to dilly-dally round $60,000 for a while, giving buyers extra time to build up before a strong price increase.
Featured picture from www.projectmasam.com, chart from TradingView
