A trader and analyst at Rekt Capital announced the exit of the first cryptocurrency from the post-halving "danger zone" and the beginning of the re-accumulation phase.
#BTC
It's phenomenal to see Bitcoin repeat a historical price tendency from a cycle that occurred 8 years ago$BTC #Crypto #Bitcoin https://t.co/FHKoyDdJQD pic.twitter.com/ibrMUfLlYX
According to the expert's observations, in 2016, after halving the reward for miners, bitcoin showed a long red candle on the weekly chart, falling by 17%.
This time, the pattern was repeated, but the correction was only 6%, Rekt Capital pointed out.
Comparison of Bitcoin cycles in 2016 and 2024. Data: Rekt Capital.The first cryptocurrency reached a local bottom at around $57,000, but then grew by 15% and re-entered the "re-accumulation range" (the red zone on the chart).
The analyst noted that technically the "danger zone" will continue until the end of this week, until the third seven-day candle closes after halving. At the same time, from the point of view of price, the "reverse effect" has already occurred.
At the time of writing, digital gold is trading at $63,800, with almost no change in price per day.
The 15-minute BTC/USDT chart of the Binance exchange. Data: TradingView.The founder of MN Trading, Michael van de Poppe, pointed to the consolidation of bitcoin above $ 60,000, but drew attention to the "lack of retail investors." According to his forecast, in case of another correction, the coin will fall to about $ 55,000.
#Bitcoin above $60K and retail isn't here.
This range is completely fine as long as #Bitcoin holds above $60K.
Altcoins slowly waking up. pic.twitter.com/LR7LoGIOig
"This range is quite acceptable as long as bitcoin stays above $60,000. Altcoins are slowly waking up," he added.
https://forklog.com/news/ekspert-ukazal-na-klyuchevoj-harakter-podderzhki-bitkoina-na-60-000-dlya-vozvrata-k-athThe awakening of altcoins
Rekt Capital noted that the OTHERS indicator, which tracks the market capitalization of all cryptocurrencies, with the exception of the ten largest, has successfully tested the support level of $250 billion and is preparing to break higher.
$ALTS
Altcoin Market Cap has successfully retested the $250bn level as support over the past several weeks and is now showing initial signs of trying to curl up from here#BTC #Crypto #Bitcoin https://t.co/lQBbb3XWOP pic.twitter.com/9d9q241NwP
The trader named the $315 billion mark as the first target, then the growth will continue to $ 425 billion. Such indicators indicate the beginning of activity in the altcoin sector.
Rekt Capital also reported that Dogecoin (DOGE) has overcome the multi-year resistance level at $0.126, which has now turned into support.
$DOGE
Dogecoin has just flipped a multi-year resistance into new support
The Macro Downtrend is over
A new Macro Uptrend has officially been confirmed#DOGE #Crypto #dogecoin pic.twitter.com/oo8nluWEnF
"The macro downtrend is over. The new macro—upward trend has been officially confirmed," he concluded.
The analyst's chart suggests that the following main targets for the meme token are at $0.20 and $0.278.
At the time of writing, the asset is trading at about $0.16, and its capitalization is $23 billion.
The 15-minute DOGE/USDT chart of the Binance exchange. Data: TradingView.Earlier, the experts of Santiment pointed to signs of a possible onset of the altseason. This is evidenced by the decrease in transaction fees on the Ethereum network to a six-month low ($1.12).
Recall that the PlanB analyst predicted the beginning of altcoin growth in the summer, followed by a correction in the third quarter.