According to Rekt Capital, a cryptocurrency analyst, the recent outlook for Bitcoin suggests that the worst might be behind us. This positive development could pave the way for Bitcoin to surge up to $100,000, a target also mentioned by other analysts.
Bitcoin Shows Signs of Improvement
In a recent online post, Rekt Capital indicated that Bitcoin has exited the “Danger Zone” following the halving event. He noted a positive bounce from the Re-Accumulation Range, signalling an encouraging trend. The analyst previously highlighted the danger zone as a significant price drop 21 days after the halving in 2016.
Rekt Capital also highlighted that Bitcoin’s recent performance mirrored the 2016 pattern closely, with the crypto briefly dropping below the lower limit of the Re-Accumulation range. Moreover, based on the analyst’s previous analysis, Bitcoin is now transitioning into the Re-Accumulation phase following the halving event.
Rekt Capital mentioned that this phase typically lasts around five months but could be shorter this time. The analyst predicted that Bitcoin might settle within a “Normal sideways range” for a brief period before resuming its upward trajectory. Rekt Capital also suggested that the $60,600 mark could serve as the support level for the Re-Accumulation range.
In another recent post, Rekt Capital hinted at a potential improvement in Bitcoin’s performance going forward. The analyst observed early signs of a slowdown in selling pressure on Bitcoin, indicating a possible upward momentum shift from the $60,000 support level.
Rekt Capital highlighted that while the upward movement may take some time, it is inevitable. According to the analyst, the coming months may not see significant developments for Bitcoin, as the crypto enters the prelude to a potential parabolic growth phase.
Arthur Hayes, co-founder and ex-CEO of BitMEX, echoed a similar view, stating that Bitcoin had found a temporary bottom and projected a price range of $60,000 to $70,000 until August.
Could Bitcoin Surpass $100,000 Next?
Analysts suggest that once the consolidation phase concludes, Bitcoin could surmount the $100,000 mark. One such analyst, PlanB, predicts a inevitable rise to $100,000 in the near future. Tom Dunleavy, Partner and Chief Investment Officer at MV Capital, previously forecasted that Bitcoin would reach $100,000 following the halving event.
Cryptocurrency analyst Ali Martinez also speculated that Bitcoin could hover near this price level even if it doesn’t reach it. Martinez suggested that breaching the $66,250 mark could propel Bitcoin toward $69,150, with a potential all-time high (ATH) of $92,190 if the resistance level is surpassed.
Image Source: Tarasenko Andrey / Shutterstock
