NAIROBI (CoinChapter.com) — Bitcoin enters a critical phase as the halving event approaches, signaling potential market shifts. Rekt Capital highlights a significant pre-halving retracement, marking the “Danger Zone’s” impact on market dynamics. This article delves into the implications of this period for investors and the cryptocurrency market at large.
The “Danger Zone” is a crucial phase that sets the stage for the market’s trajectory ahead or after the Bitcoin Halving.
Bitcoin has recently navigated into the notorious “Danger Zone,” a phase historically marked by significant retraces before the previous Halving events. Analyst Rekt Capital brings attention to an 18% retrace already occurring within this period, akin to how the cryptocurrency retraced circa 19.5% after the third halving on March 11, 2020.
The price of Bitcoin often experiences a significant run-up before a halving, as historical patterns have shown. Traders looking to capitalize on these gains may sell their holdings to lock in profits, especially if they anticipate a short-term drop post-halving.
From a fractal perspective, Bitcoin is close to ending its Danger Zone retracement and rebounding toward a new record high above $74,000 by June.
Bitcoin’s current price is $65,615.00, with a 24-hour change of -5.91%. This downturn reflects the market’s reaction to the “Danger Zone” and the anticipated halving event. With a market capitalization of $1.29 trillion, Bitcoin remains the dominant player in the cryptocurrency landscape, even as it navigates these tumultuous waters.
The trading volume over the last 24 hours has surged by 44.97%, reaching $50.69 billion. This increase in activity underscores the heightened interest and speculation surrounding Bitcoin’s halving event. Investors are closely monitoring these developments, understanding that such events have historically been catalysts for significant price movements.
The Bitcoin network is experiencing a flurry of activity, with Daily Active Users (DAU) reaching over $605,400 and transactions totaling around 326,400. Its Total Value Locked (TVL) was $779 million.
These on-chain metrics, combined with Rekt Capital’s analysis, paint a picture of a market in a crucial phase, with the potential for both volatility and significant price movements in the weeks and months ahead.
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