A cryptocurrency analyst and trader believes Bitcoin (BTC) is no longer at risk of a further market correction.
The analyst pseudonymously known as Rekt Capital tells his 76,900 YouTube subscribers that based on historic precedence Bitcoin has left the phase, or “danger zone,” when there is a likelihood of a dip below its range low after the halving event when miners’ rewards are cut in half.
“Essentially speaking, the danger zone, the post-halving danger zone, which is a three-week window where Bitcoin can produce downside volatility below its current reaccumulation range low, that danger zone is over. And that terror that occurs whenever we see downside volatility below the reaccumulation range low, that is also over. That terror is over. And the correction bottom is probably in.”
Based on past cycles, the analyst believes Bitcoin is now in a reaccumulation phase when the digital asset tends to trade sideways.
“The reaccumulation phase that lies ahead is not over… this is a real accumulation phase right now. We’re probably going to be meandering between the range low and the range high, the $60,000 and $70,000 regions, just meandering here for the next coming weeks. As we’ve seen, this can be at least 150 days.”
Bitcoin is trading for $65,364 at time of writing, down more than 1% in the last 24 hours.
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