Bitcoin Déjà Vu: Analyst Identifies Trends Reflecting 2016 Cycle

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,300,630,821,238	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,300,630,821,238

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	1,009.58	1.55%	66,248.82	66,248.82	66,248.83

Price Change

Price Change %

Current Price

Bid Price

Offer

1,009.58

1.55%

66,248.82

66,248.83

High Price	Low Price	Open Price	Prev. Close	52 Week Range
66,574.79	65,113.46	65,296.50	65,239.24	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

66,574.79

65,113.46

65,296.50

65,239.24

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	12:16:17	0.000152	66,248.82	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

12:16:17

0.000152

66,248.82

USD

Price x Volume	Volume	Base Symbol	Related Pairs
261,285,507.99	3,961.63	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

261,285,507.99

3,961.63

Bitcoin Déjà Vu: Analyst Identifies Trends Reflecting 2016 Cycle

02/05/2024 5:00pm

NEWSBTC

Cryptocurrency analyst Rekt Capital has come up with an intriguing narrative pointing to several trends in the current price action of Bitcoin that are similar to the price trends seen in the 2016 bull cycle, even as market sentiments continue to dwindle. Bitcoin Trends Reiterating 2016 Pattern According to Rekt Capital, more than a month after the initial analysis, Bitcoin keeps demonstrating how much it closely resembles the cycle of 2016. Similar to 2016, Bitcoin has experienced further declines over the past three weeks following the Halving below the Range Low of its Re-Accumulation Range also known as the Post-Halving Danger Zone The post read: Over a month later Bitcoin continues to prove how it is more similar to the 2016 cycle. Just like in 2016, Bitcoin in this cycle is seeing additional downside below the Range Low of its Re-Accumulation Range in the three-week window after the Halving (i.e. Post-Halving “Danger Zone”). Given that Rekt Capital already addressed the concept of the Post-Halving Danger Zone, the analyst is not shocked by this current price decrease. During the 2016 cycle, about 21 days after the Halving event, BTC saw a lengthy decline of 11% before transitioning toward an upward direction. It is worth noting that Rekt Capital noted that if downside volatility around the Re-Accumulation Range Low is going to happen in this cycle, 2016 history indicates it may happen during the 15 days following the Halving. Since the recent event was concluded about 12 days ago, the expert’s prediction could be realized in the upcoming days. Related Reading: Bitcoin Enters ‘Danger Zone’ Post-Halving, Analyst Warns Of Potential Downside While the Post-Halving “Danger Zone” ends in 15 days, 2016 data suggests that there may be some negative volatility in the interim, possibly reaching the $60600 Range Low. Drawing attention to previous patterns, Rekt Capital highlighted a similar pattern between the 2016 and 2024 pre-Halving re-accumulation range. After a breakout from the re-accumulation range this year, BTC witnessed a Pre-Halving rally, as was observed in 2016. Pre-Halving Retrace Movement Just like in 2016, once the pre-Halving rally peaked, Bitcoin started its Pre-Halving retrace. Specifically, this occurred roughly 28 days prior to the Halving event in both 2016 and 2024. Related Reading: Analyst Warns Of Bitcoin Pre-Halving Retrace Echoing Troubling 2020 Trend A negative wick on the weekly candle indicates a significant reaction in the first week of the pre-Halving Retrace in 2016. However, this reaction was fleeting and came before an extended price decline. This cycle likewise saw a strong early reaction from Bitcoin via a downward wick, but there are indications that this reaction might not have lasted long. Thus, to avoid a fate similar to that of 2016, Rekt Capital believes that BTC will need to maintain highs around $60,000 and beyond. Featured image from iStock, chart from Tradingview.com

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

BTCUSD Bitcoin