As an experienced cryptocurrency analyst, I find Rekt Capital’s analysis compelling. The parallels between Bitcoin’s current price movements and its 2016 bull run are intriguing, especially given the recent price correction. The “Post-Halving Danger Zone” is a concept that carries significant weight in the crypto community, as historical data suggests a potential for downside volatility following the halving event.
A well-known cryptocurrency expert has lately pointed out potential similarities between Bitcoin‘s (BTC) current price fluctuations and its 2016 bull market, despite a recent decline in value.
Based on the analysis of an anonymous cryptocurrency expert named Rekt Capital, Bitcoin’s price movements appear to be following a pattern similar to its 2016 cycle. After the halving event, Bitcoin experienced further declines, which falls within a zone referred to as the “Post-Halving Danger Zone” by this analyst. This trend mirrors what occurred in 2016.
In a recent analysis posted to Rekt Capital’s large following on microblogging platform X, it was noted that Bitcoin underwent a approximately 11% price decrease around three weeks after the halving event in 2016. Rekt Capital speculated that this trend could recur during the current cycle, potentially resulting in downward volatility within the coming days. This timeframe aligns with the remaining duration of what is referred to as the “Post-Halving Danger Zone.”
In the second part of our analysis from over a month ago, we’ve discovered that Bitcoin’s behavior in 2023 could bear striking resemblance to its pattern during the 2016 cycle. Here’s a fresh look at how the similarities have manifested:
— Rekt Capital (@rektcapital) May 1, 2024
The analyst pointed out that prior to each halving event in 2016 and 2024, Bitcoin experienced significant price surges. Following periods of consolidation, these rallies occurred, after which Bitcoin underwent a retreat approximately four weeks before the halving took place.
As a crypto investor, I’d emphasize the significance of Bitcoin holding its ground above the $60,000 mark following the initial dip in 2016’s retracement. Rekt Capital underscores this importance to prevent a prolonged decline similar to what we experienced back then.
At present, Bitcoin is priced at $59,170 following a significant drop from above $57,000 earlier in the week due to an intense cryptocurrency market sell-off. It’s worth mentioning that the newly introduced spot Bitcoin ETFs experienced withdrawals during this period of selling.
Despite being the second-largest European bank with over $600 billion in assets managed by its arm, BNP Paribas has obtained access to Bitcoin, the leading cryptocurrency, through these funds.
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2024-05-03 05:52