A leading crypto analyst believes Bitcoin (BTC) is poised for a bullish reversal after a post-halving correction.
Exit from ‘Danger Zone’
According to the analyst, known as Rekt Capital, Bitcoin has officially exited the post-halving “danger zone” on the weekly chart. This period, where Bitcoin typically experiences a dip, has historically preceded significant price increases.
Bottom Likely Reached
Rekt Capital suggests that Bitcoin has likely reached its post-halving bottom at $56,000. He notes that the current pullback has lasted 47 days, shorter than the longest retracement in this cycle.
Key Support and Upside Potential
Key support for Bitcoin remains around $60,000, and the analyst believes that momentum is building to the upside. A break above this level could send BTC to $68,000 again.
Current Market
At the time of writing, Bitcoin is trading at $62,971, up 2% in the last 24 hours. This suggests that the bullish reversal is underway.
