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Analyst Declares End of Post-Halving ‘Danger Zone’

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Analyst Declares End of Post-Halving 'Danger Zone'
  • Rekt Capital believes Bitcoin has reached a local bottom at $57,000 and entered an accumulation phase.
  • The expert also noted the growth of the altcoin sector and a trend reversal for DOGE.

Trader and analyst Rekt Capital announced that the leading cryptocurrency has exited the post-halving ‘danger zone’ and entered a phase of re-accumulation.

According to the expert, in 2016, after the halving of miner rewards, Bitcoin showed a long red candle on the weekly chart, dropping by 17%.

This time, the pattern repeated, but the correction was only 6%, noted Rekt Capital.

Comparison of Bitcoin cycles in 2016 and 2024. Data: Rekt Capital.

The leading cryptocurrency reached a local bottom at around $57,000, then rose by 15% and re-entered the ‘re-accumulation range’ (red zone on the chart).

The analyst noted that technically the ‘danger zone’ will continue until the end of this week, when the third post-halving seven-day candle closes. However, in terms of price, the ‘reverse effect’ has already occurred.

At the time of writing, digital gold is trading at $63,800, with little change in price over the day.

15-minute BTC/USDT chart on Binance. Data: TradingView.

MN Trading founder Michaël van de Poppe pointed out Bitcoin’s hold above $60,000 but noted the ‘absence of retail investors’. He predicts that in the event of another correction, the coin will fall to approximately $55,000.

“This range is completely fine as long as Bitcoin holds above $60,000. Altcoins are slowly waking up,” he added.

Awakening of Altcoins

Rekt Capital noted that the OTHERS indicator, which tracks the market capitalization of all cryptocurrencies except the top ten, has successfully tested the $250 billion support level and is preparing to break higher.

The trader’s first target is $315 billion, followed by growth to $425 billion. These figures indicate the beginning of activity in the altcoin sector.

Rekt Capital also reported that Dogecoin (DOGE) has overcome a multi-year resistance level at $0.126, which has now turned into support.

“The macro downtrend is over. A new macro uptrend has officially been confirmed,” he concluded.

The analyst’s chart suggests that the next major targets for the meme token are at $0.20 and $0.278.

At the time of writing, the asset is trading around $0.16, with a market capitalization of $23 billion.

15-minute DOGE/USDT chart on Binance. Data: TradingView.

Earlier, experts at Santiment pointed out signs of a potential altcoin season, as evidenced by Ethereum’s transaction fees dropping to a six-month low ($1.12).

Previously, analyst PlanB predicted the start of altcoin growth in the summer, followed by a correction in the third quarter.

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