Bitcoin Analyst Shows How BTC Is Repeating the 2016 Post-Halving Trend
- Rekt Capital has highlighted a critical development in Bitcoin’s price.
- The analyst showed that BTC has perfectly repeated a historical behavior from 2016.
- Bitcoin is entering the post-halving re-accumulation phase.
Rekt Capital, a renowned cryptocurrency analyst on X, has highlighted a critical development in Bitcoin’s price. In a recent post, Rekt Capital noted that the flagship crypto has repeated a historical behavior from the 2016 Bitcoin halving fallout.
#BTC
— Rekt Capital (@rektcapital) May 11, 2024
Bitcoin has repeated 2016 history perfectly, offering a downside wick below the bottom of its current Re-Accumulation range within a three-week window after the Halving $BTC #Crypto #Bitcoin https://t.co/5GHCnZrmB1 pic.twitter.com/QauIFZtX9p
Using the BTC/USD weekly chart, the renowned analyst revealed that BTC offers a downside wick below the bottom of its current re-accumulation range within a three-week window after the recent halving. From his shared charts, Rekt Capital showed that Bitcoin has completed its navigation across a three-week post-halving danger zone and is stepping into the next phase of the trend, the post-halving re-accumulation.
Notably, Rekt Capital’s shared image showed that while the post-halving danger zone lasted only three weeks, the post-halving re-accumulation could last longer. Furthermore, he revealed that the post-halving re-accumulation would trigger an upward movement, pushing Bitcoin back to the recently achieved all-time high (ATH).
In further explanation, Rekt Capital highlighted that Bitcoin experienced its first -18% pre-halving retrace approximately 30 days before the Bitcoin Halving. According to him, the 2024 pre-halving retrace mirrored that of 2016, which happened over 28 days, closely.
Following this correlation, the analyst thinks there could be a repeat of the 2016 Bitcoin trend pattern. He foresees a downside volatility around the re-accumulation range low occurring over the next ten days. According to him, the post-halving danger zone will end in ten days, but 2016 history suggests downside volatility at the $60600 Range Low is a possibility.
Bitcoin traded for $61,058 at the time of writing, reflecting a 17.3% pullback from the ATH of $73,794, according to data from TradingView .
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