Bitcoin BTC/USD is currently in a precarious position, with a potential downside looming, according to a prominent crypto analyst.
What Happened: The analyst, known by the pseudonym RektCapital, has cautioned that Bitcoin may be heading for another downturn within the next two weeks.
Rekt Capital, who has a following of over 74,000 subscribers on YouTube, has compared the current Bitcoin correction to its 2016 halving price action. He pointed out that in 2016, Bitcoin experienced two corrective waves, one before the halving and another after it.
"If we think about the pre-halving danger zone [now], we need to also potentially factor in or at least consider a potential danger zone after the halving – so, a second danger zone."
The analyst believes that Bitcoin could potentially witness another pullback in the coming weeks, based on this historical precedent.
Rekt Capital suggested that Bitcoin could remain within the post-halving danger zone until next month, based on historical price action.
He also highlighted the significance of Bitcoin’s current support zone, around the $60,000 price, and its potential to endure over the next couple of weeks.
See Also: Are Dogecoin And Shiba Inu Primed For The Next Leg Up?
Why It Matters: The warning from Rekt Capital comes at a time when the cryptocurrency market is experiencing a period of uncertainty.
Bitcoin, Ethereum ETH/USD, and Dogecoin DOGE/USD were trading in the red on Friday, with global concerns adding to the market’s instability.
However, some analysts see this period of consolidation as the “calm before the storm.” Veteran cryptocurrency influencer Lark Davis, for instance, believes that despite the consolidation, there are several bullish factors for Bitcoin’s price.
Price Action: At the time of writing, Bitcoin is trading at $62,963, marking a decrease of 2.2% in the last 24 hours, according to Benzinga Pro.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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