A closely followed crypto analyst believes Bitcoin (BTC) is entering into a bullish reversal phase after a post-halving correction.
The pseudonymous analyst known as Rekt Capital tells his 466,400 followers on the social media platform X that Bitcoin seems to be following a 2016 cycle pattern when Bitcoin dipped after the halving event – during the so-called ‘danger zone’ – and then soared to new all-time highs (ATHs).
He says Bitcoin now appears to have exited the historic correction period on the weekly chart after April’s halving event when miners’ rewards were cut in half.
“The post-halving Bitcoin ‘danger zone’ (purple) is officially over. And Bitcoin is celebrating with a good bounce from the re-accumulation range low support.”
The analyst believes that Bitcoin has likely already reached its cycle post-halving bottom when it touched the $56,000 mark.
“If $56,000 was not the bottom then this current pullback will have officially equaled the longest retrace in this cycle at 63 days. History, however, suggests that this current pullback ended at $56,000 and 47 days.”
According to the analyst, key support for Bitcoin is holding around $60,000 as momentum builds to the upside, which could send BTC to $68,000 again.
“Bitcoin is showing early-stage signs of slowing down in its sell-side momentum, slowly developing a curl against the ~$60000 support. ~$60000 needs to continue to hold as it has been holding thus far for this curl to progress and eventually lift up.”
Bitcoin is trading for $62,971 at time of writing, up 2% in the last 24 hours.
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