In a recent update, a well-known crypto analyst has stated that Bitcoin (BTC) is no longer in a vulnerable position where it could potentially experience a dip below its lowest range. Rekt Capital, a trader who operates under a pseudonym, has shared this information with his 472,200 followers on X, a popular social media platform. Although the “danger zone” has passed, Rekt Capital believes that Bitcoin could still see a decline of approximately 13% from its current value.

According to the analyst, Bitcoin typically enters the “danger zone” following a halving event, which occurs when miners’ rewards are halved. During this time, Bitcoin experiences significant declines. However, after the “danger zone,” Bitcoin historically enters a phase known as “post-halving reaccumulation,” where it trades within a specific range.

Rekt Capital explains, “Since the Bitcoin post-halving ‘danger zone’ ended, Bitcoin broke out to $71,500. However, the range high resistance of the macro re-accumulation range is around $71,500, and this is where Bitcoin faced rejection. The consolidation phase continues, and historical patterns suggest that it will persist for several more weeks, with Bitcoin trading between $60,000 and $70,000.”

Additionally, based on historical data, the analyst suggests that Bitcoin may not surpass the range high of $70,000 until September. Rekt Capital notes, “Historically, Bitcoin has always faced rejection from the range high on its initial attempt to break out after a halving. Furthermore, history indicates that this re-accumulation phase tends to last much longer. Bitcoin typically breaks out from these re-accumulation ranges around 160 days after the halving event. This would imply that Bitcoin will only break out from the re-accumulation range in September 2024.”

As of the time of writing, Bitcoin is being traded at $69,012, reflecting a 2% increase in the last 24 hours.

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