Analysis Of Historical Trends Indicates Bitcoin May Have Passed The Risk Threshold – Could A Rally Toward $73,000 Be On The Horizon? – Insights From TradingView News

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    Recent trends suggest that Bitcoin has moved past its post-halving adjustment period, known for possible price dips below its lower limits. A noted cryptocurrency expert points to a shift toward a reaccumulation phase, using historical data as a reference.
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    Following a downturn, Bitcoin's value seems to stabilize at around $69,000, despite the U.S. SEC nodding through several Ethereum-based spot ETFs. Now that Bitcoin has apparently dodged the "danger zone," the question arises: will it push forward with an upswing, or is the market bracing for another slide?
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  <p class=""><strong>Extended Period of Lateral Bitcoin Trading Forecasted by Analyst</strong></p>
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    On May 24, cryptocurrency analyst Rekt Capital shared insights stating that Bitcoin's notorious post-halving pullback period is over.
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    In previous cycles, Bitcoin typically adjusts following the event where block rewards are halved. Following this so-called "danger zone," the digital currency tends to enter a sideways trading phase, according to Rekt Capital. This means Bitcoin may experience further fluctuations within a confined band before stabilizing.
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    "Post-halving 'danger zone' ended, Bitcoin ascended to $71,500, only to face resistance at this upper limit of the macro re-accumulation band, leading to a rebound," Rekt Capital explains. "The market is still settling, and historical patterns suggest this could last a few more weeks, in the $60,000-$70,000 range."
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    Rekt Capital also posits that, based on past trends, Bitcoin's trade values might struggle to break the $70,000 barrier before September.
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    "Typically, Bitcoin faces rejections at the upper range after initial post-halving breakouts. Additionally, these re-accumulation periods tend to extend. Bitcoin usually breaks out from these bands no sooner than 160 days post-halving, which might align with a potential surge in September 2024." 
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  <p class=""><strong>Snapshot of Bitcoin's Market Price</strong></p>
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    During the current cycle, Bitcoin's value dipped over 20% from a peak of $73,737 in mid-March to approximately $56,780 by May 1, possibly marking the end of the post-halving correction. 
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    May 21 saw Bitcoin briefly exceed the crucial $70K level before falling back to the vicinity of $67,000. Since then, it has made a modest comeback, with prices sitting at $69,176, reaffirming the reaccumulation phase narrative.
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    Despite the crypto's horizontal market trends, industry commentators continue to express optimism. For example, veteran market observer Tom Lee posits an end-of-year target for Bitcoin at $150,000.
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