Crypto analyst Rekt Capital recently suggested that the worst might be over for Bitcoin. If so, the flagship crypto may be primed for a move to the upside, rising to as high as $100,000, which some other crypto analysts have predicted would be the case.
Bitcoin Is Out Of The “Danger Zone”
Rekt Capital mentioned in an X (formerly Twitter) post that the Bitcoin Post-Halving “Danger Zone” is officially over. He added that Bitcoin is “celebrating with a good bounce from the Re-Accumulation Range Low support.” The crypto analyst had previously explained that the danger zone was the downside wick that Bitcoin experienced 21 days after the halving in 2016.
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Rekt Capital also revealed back then that Bitcoin had repeated the 2016 history “perfectly,” with the flagship crypto dropping below the bottom of its current Re-Accumulation range. Meanwhile, based on the crypto analyst’s previous analysis, Bitcoin is now headed for the Re-Accumulation phase, which occurs after the halving.
Rekt Capital claimed this period usually lasts up to five months but added that it could be shorter this time. The crypto analyst predicts that BTC may maintain a “Regular sideways range and may not last very long before additional uptrend continuation.” Rekt Capital also suggested that $60,600 would likely be the base of the Re-Accumulation range.
In a subsequent X post, Rekt Capital hinted that things would likely improve from here on for the flagship crypto. He said, “Bitcoin is showing early-stage signs of slowing down in its sell-side momentum, slowly developing a curl against the $60,000 support.” “$60,000 needs to continue to hold as it has long as it has been holding thus far for this curl to progress and eventually lift up,” he added.
Rekt Capital noted in another X post that this move to the upside might take time but will eventually happen. According to him, this month and next month may be “unremarkable” for Bitcoin is running out of “unremarkable months” before the “parabolic phase of the cycle begins.”
Arthur Hayes, the co-founder and former CEO of the BitMEX crypto exchange, also echoed a similar sentiment when he stated that Bitcoin had found its local bottom and would range between $60,000 and $70,000 until August.
$100,000 May Be BTC’s Next Stop After This Phase
Based on price predictions made by several crypto analysts, Bitcoin will likely climb to $100,000 once this period of consolidation is over. One of these analysts is Pseudonymous crypto analyst PlanB, who claimed that BTC hitting this price level this year is “inevitable.” Tom Dunleavy, Partner and Chief Investment Officer (CIO) at MV Capital, had also predicted earlier in the year that Bitcoin would reach $100,000 after the halving.
Meanwhile, crypto analyst Ali Martinez suggested that Bitcoin will at least come close to this price level even if it doesn’t eventually reach it. He stated that a surge above $66,250 would give the flagship crypto enough strength to move towards $69,150. Martinez claimed that BTC could advance to a new all-time high (ATH) of $92,190 if it eventually breaches that resistance level.
Featured image from Finance Monthly, chart from Tradingview.com
