Greed

Thing

Bitcoin

Rekt

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s (BTC) price exceeded $65,000 on May 6, indicating the post-halving “danger zone” could be over.</li>
 <li>Analysts predict more upside for BTC, with long-term holders finished selling and a new accumulation phase potentially starting.</li>
</ul>
<p>The price of <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> soared past the $65,000 mark on May 6. This has led analysts to speculate that the post-halving “danger zone” may be behind us, with a brighter future for BTC on the horizon.</p>
<h2 id="post-halving-danger-zone-over">Post-Halving “Danger Zone” Over?</h2>
<p>The post-halving “danger zone” refers to a three-week period after the halving event. Historically, this period is associated with downside volatility below the re-accumulation range.</p>
<p>Crypto analyst Rekt Capital believes that with Bitcoin’s price now above the current re-accumulation range of roughly $60,000, the post-halving danger zone could be over.</p>
<p>During the 2016 bull cycle, Bitcoin produced an 11% downside wick 21 days post-halving, marking the start of a price reversal. Rekt Capital noted that history repeated itself in this cycle, with Bitcoin producing a -6% downside wick below its respective Range Low in the 15 days after the Halving.</p>
<h2 id="higher-btc-prices-expected">Higher BTC Prices Expected</h2>
<p>Bitcoin analyst Willy Woo also anticipates higher BTC prices based on the Volume-Weighted Average Price (VWAP). The Crypto Fear &amp; Greed Index, indicating investor sentiment, rose to 71/100, signaling “greed,” up from 43/100, or “fear,” on May 2.</p>
<p>Outflows from the 11 United States spot Bitcoin exchange-traded funds (ETFs) have contributed to Bitcoin’s correction. The U.S. ETFs recorded their highest week of outflows since launch, with nearly $900 million in net cumulative outflows over the past week.</p>
<h2 id="long-term-holders-stopped-selling">Long-Term Holders Stopped Selling?</h2>
<p>Data suggests that long-term holders (LTH) at the $70,000 price have finished selling to new investors. This could signal the start of a new active accumulation phase, according to CryptoQuant author Axel Adler Jr.</p>
<p>This could significantly reduce Bitcoin’s sell pressure, leading to a gradual climb to new highs, said Eitan Katz, the founder of Kima, a decentralized money transfer protocol.</p>
<p>However, Bitcoin could remain subdued in the short-term, due to concerns over inflation and dampened expectations for rate cuts, according to Mithil Thakore, the CEO of Velar, a Bitcoin-native liquidity protocol.</p>
<p>After the current short-term consolidation, Thakore expects Bitcoin price to reach $100,000 before the end of 2024. He believes that anticipated interest rate reductions, renewed demand in ETFs, and advancements in Bitcoin Layer 2 solutions may fuel a resurgence, potentially propelling Bitcoin to new all-time highs and the coveted $100,000 milestone.</p>

Analysts Declare Bitcoin Distribution ‘Danger Zone’ a Thing of the Past

İçindekiler

crypto.ro global

6 May 2024 tarihli diğer yazılar

Top Altcoins to Turn $100 into $1000 This Week

ZKasino Scam: Dutch Authorities Seize €11.40 Million, Arrest 26-Year-Old Suspect in Major Crypto ...

Arthur Hayes Expands Crypto Portfolio with $500,000 DeFi Token Purchase, Boosting Altcoin Market ...

Ripple (XRP) Legal Battle Set to Escalate to Second Circuit, Predicts Ex-SEC Insider

FLOKI Coin Experiences 0.8% Dip: Is it Heading to Zero or a New GambleFi Investment Opportunity?

Vodafone's Move to Integrate Crypto Wallets with SIM Cards

Güncel kripto para haberleri için ücretsiz bültenimize abone olun!