According to a well-known crypto analyst, Bitcoin (BTC) is no longer in a precarious position where it could potentially experience a significant drop below its lowest point. Rekt Capital, a trader who maintains a pseudonymous identity, has informed his extensive following of 472,200 individuals on the social media platform X that although the “danger zone” has passed, Bitcoin still has the potential to decline by approximately 13% from its current value.

The analyst explains that based on previous market cycles, Bitcoin typically enters the “danger zone” following a halving event, during which miners’ rewards are cut in half. During this phase, the price of Bitcoin tends to decrease significantly. However, after the “danger zone,” Bitcoin typically enters a phase known as “post-halving reaccumulation,” where it trades within a specific range without experiencing significant fluctuations.

Rekt Capital states, “Since the Bitcoin post-halving ‘danger zone’ ended, Bitcoin broke out to $71,500. However, the price of around $71,500 coincides with the upper resistance level of the macro re-accumulation range, causing Bitcoin to face rejection. As a result, the consolidation phase continues, and historical patterns suggest that this phase will persist for several more weeks, with Bitcoin’s price ranging between $60,000 and $70,000.”

The analyst further adds that, based on historical data, Bitcoin may not surpass the upper range limit of $70,000 until September. He explains, “Historically, Bitcoin has always faced rejection upon its initial attempt to break out of the upper range limit after a halving event. Additionally, historical trends indicate that this reaccumulation phase tends to last much longer. Typically, Bitcoin only breaks out of this range after approximately 160 days following the halving event. Therefore, we can expect Bitcoin to break out of this reaccumulation phase in September 2024.”

As of writing, Bitcoin is currently trading at $69,012, showing a 2% increase in value over the past 24 hours.