Crypto Analyst Warns that Bitcoin Has Entered a ‘Second Danger Zone’ – Identifies Targets
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Crypto Analyst Warns that Bitcoin Has Entered a ‘Second Danger Zone’ – Identifies Targets

A cryptocurrency expert and trader is cautioning that Bitcoin (BTC) may experience a downturn in the next 14 days. Rekt Capital, who is known under a pseudonym, is addressing his 74,300 followers on YouTube and suggesting that the current correction in Bitcoin’s price could be resembling the price action seen during the 2016 halving event. During that time, BTC went through two corrective waves, one before the halving and another after. Based on historical data, Rekt Capital believes that it is possible for Bitcoin to undergo another pullback in the weeks following the most recent halving. He notes that while some retracements occur before the halving, the majority of pullbacks and consolidation periods occur after. In 2016, there was a similar scenario where a pre-halving correction took place 28 days before the event, followed by another correction after the halving. This danger zone continued for a few more weeks after the halving. Rekt Capital suggests that Bitcoin could remain in a post-halving danger zone until next month. He emphasizes that the next two weeks are crucial and whether Bitcoin can sustain its support zone around $60,000 will determine its future trajectory. If the support holds, it could provide confidence that the re-accumulation range will persist. As of now, Bitcoin is trading at $62,871, experiencing a 3% drop in the past day.

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