Rekt Capital cryptocurrency analyst recently suggested that the worst may be behind Bitcoin. If so, the flagship cryptocurrency could be poised for an upward move, rising to approx as much as $100,000which some other cryptocurrency analysts have predicted.
Bitcoin is out of the ‘danger zone’
Rekt Capital listed on X (formerly Twitter) post that Bitcoin’s post-halving “danger zone” has officially ended. He added that Bitcoin is “celebrating with a good rebound from Scope of re-accumulation Low support.” The cryptocurrency analyst previously explained that the danger zone was the negative effect that Bitcoin experienced 21 days after halving in 2016.
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Rekt Capital also revealed at the time that Bitcoin had “perfectly” repeated its 2016 history, with the flagship cryptocurrency falling below the lower end of its current re-accumulation range. Meanwhile, based on crypto analysts previous analysisBitcoin is currently heading into the re-accumulation phase that follows the halving.
Rekt Capital said the period usually lasts up to five months, but added it may be shorter this time. The cryptocurrency analyst predicts that BTC may maintain a “Regular Sideways Range and may not last long before additional continuation of the uptrend.” Rekt Capital too he suggested that $60,600 will likely be the base of the reaccumulation range.
In the next one Post X, Rekt Capital suggested that things will likely improve for the flagship cryptocurrency from here on out. He said: “Bitcoin is showing early signs of slowing sales momentum, slowly expanding against the currency rate. $60,000 in support” “The $60,000 level must persist as long as it has so far for the rally to deepen and ultimately rise,” he added.
Rekt Capital recorded in another post on X that this upward move may take some time, but it will happen eventually. According to him, this month and next may be “not unusual” because Bitcoin is running out of “remarkable months” before it enters the “parabolic phase of the cycle.”
Arthur Hayes, co-founder and former CEO of cryptocurrency exchange BitMEX, also expressed similar sentiments when he stated that Bitcoin has found its local bottom and will range from $60,000 to $70,000 by August.
$100,000 could be BTC’s next stop after this phase
Based on price predictions made by several crypto analysts, Bitcoin will likely augment to $100,000 after the end of this consolidation period. One of these analysts is the pseudonymous cryptocurrency analyst PlanB, who taken over that BTC reaching this price level this year is “inevitable”. Tom Dunleavy, partner and chief investment officer (CIO) at MV Capital, did too predicted at the beginning of the year, when Bitcoin reached $100,000 after the halving.
Meanwhile, cryptocurrency analyst Ali Martinez he suggested that Bitcoin will at least approach this price level, even if it does not ultimately reach it. He stated that a rise above $66,250 would give the flagship cryptocurrency enough strength to move towards $69,150. Martinez claimed that BTC could reach the level novel all-time record (ATH) will be $92,190 if it finally breaks this resistance level.
Featured image from Finance Monthly, chart from Tradingview.com
