Bitcoin (BTC/USD) is currently facing a precarious period, with signs of a potential downturn on the horizon, according to crypto analyst Rekt Capital. This warning comes as the cryptocurrency market deals with heightened uncertainty.
Bitcoin (BTC/USD) is currently facing a precarious period, with signs of a potential downturn on the horizon, according to crypto analyst Rekt Capital. This warning comes as the cryptocurrency market deals with heightened uncertainty.
The analyst, with over 74,000 subscribers on YouTube, has drawn comparisons between the current Bitcoin correction and its 2016 halving price action. In 2016, Bitcoin experienced two corrective waves: one before the halving and another after. Rekt Capital suggests that we might be in the "pre-halving danger zone," with another potential danger zone emerging after the halving.
Based on this historical context, he predicts that Bitcoin could experience another pullback within the next couple of weeks. Furthermore, Rekt Capital indicates that Bitcoin might remain in a risky zone through the coming month, referencing historical patterns.
The analyst points to the current support zone around the $60,000 mark and suggests it could hold over the next few weeks.
This warning comes amid broader instability in the cryptocurrency market. On Friday, Bitcoin, Ethereum (ETH/USD), and Dogecoin (DOGE/USD) were all trading in the red, reflecting global concerns.
However, some analysts view this period of consolidation as the "calm before the storm." Veteran cryptocurrency influencer Lark Davis, for example, believes that despite the current market lull, there are several bullish factors at play that could push Bitcoin's price higher.
These mixed signals highlight the current uncertainty in the crypto market, with investors keeping a close eye on both technical analysis and broader market trends.
