Is The Bitcoin Bottom Here?
In the early hours of Tuesday, Bitcoin started to plunge from the $64,000 price range. As the day continued, BTC prolonged its fall to briefly trading around $59,958 – $59,191 before recovering.
Bitcoin’s Deepest Retrace This Cycle
According to crypto analyst and trader Rekt Capital, this correction has officially been the deepest BTC retrace this cycle. Per the post, today’s -23.64% retrace surpasses the -22.91% retrace seen in February 2023.
The analyst also compared this cycle’s “Post-Halving” pullback to 2016’s. Moreover, the trader considers that this bullish cycle might be more similar to the 2016 one than investors think.
Previously, Rekt Capital listed three reasons these two cycles might be similar. Per the trader, the resemblances include the “Pre-Halving Re-Accumulation Range Breakout,” the “Pre-Halving Retrace Beginning,” and the “Similar Initial Reaction after the beginning of the Pre-Halving Retrace.”
After today’s retrace, the analyst added the “Continued downside in the three weeks after the Halving” as a fourth similarity between the 2016 and 2024 cycles. Like eight years ago, Bitcoin faces an “additional downside below the Range Low of its Re-Accumulation Range” in the three-week window after Bitcoin’s “Halving.”
Moreover, the analyst suggests that the current price development comes “as no surprise,” as it mirrors 2016’s “post-Halving Danger Zone.”
As of this writing, the flagship cryptocurrency is trading at $57,794.89. This correction represents a 6.2% drop in the past 24 hours. Similarly, BTC is registering 13.4% and 17.7% price decreases in the weekly and monthly timeframes.
