An analysis based on historical data suggests that Bitcoin may break out of the danger zone post-halving and is heading towards accumulation again. On May 13, crypto market analyst Rekt Capital made an update to the Bitcoin market cycle chart, pointing out the danger zone where the asset corrected after the end of the halving event.
Developments on the Bitcoin Front
The famous analyst stated that Bitcoin started to rise from the low support of the reaccumulation range. In previous market cycles, there were dangerous zones before and after the halving. In this cycle, Bitcoin reached a potential bottom, falling to $56,800 on May 1. According to the analyst, if this level is not a bottom, this could be the longest pullback in the cycle. However, history shows that the pullback ended at $56,000.
Bitcoin is currently recovering and trading above $63,000, which is supporting a return to the accumulation zone. It is stated that historical cycle movements do not accurately reflect the future, and there may be a further retreat in the post-halving volatility period. However, the analyst is confident that the current support levels will remain.
Bitcoin Comments from Famous Names
Raoul Pal, founder of Global Macro Investor, stated that macroeconomic processes were driven by the global liquidity cycle during the summer and autumn, and cryptocurrency performed well in the second half of the year. He predicts that it will be a year in which high-risk asset prices rise.
Former BitMEX CEO Arthur Hayes emphasized that this year could be a period of flat trading and accumulation, and that the Federal Reserve's monetary policy could provide liquidity to risky assets. There seems to be a general consensus that markets could rebound later in the year.
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