Famous crypto analyst Rekt Capital announced in his latest social media post that Bitcoin is out of the danger zone.
While fluctuations continue in the cryptocurrency market, a remarkable comment came from Rekt Capital. Stating that the bad trend in Bitcoin is over, Rekt Capital emphasized this situation in its statement on May 13.
According to the updated Bitcoin market cycle chart published by Rekt Capital, the asset is now out of the danger zone, which is described as a post-halving correction.
According to the cycle chart prepared based on historical data, it was stated that Bitcoin, as the leading cryptocurrency, has rebounded strongly from the accumulation range support.
Danger zones were created from previous market cycles of pullbacks the asset experienced before and after the halving. During this cycle, Bitcoin fell 23 percent from its all-time high in March to $56,800. According to the cyclical chart created by the analyst, this price level marks the potential bottom of the cycle.
Rekt Capital noted that if there is no bottom to $56,000, the current pullback will last 63 days, the longest decline in this cycle. Historical data showed that the current retreat was completed in 47 days with a bottom zone of $56,000.
According to the analyst, if the $ 60,000 level is maintained, an environment may occur where the price can test $ 68,000.
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