Analysts who correctly predicted Bitcoin’s annual pre-halving price correction in 2017 say that a BTC surge to the upside is still possible despite last month’s decline.
Rekt capital, a pseudonymous analyst who has 107,000 subscribers on YouTube, says that Bitcoin is still in the banana zone based upon historical precedent.
Crypto analysts use the term banana zone to refer to a time of explosive and rapid price increases for digital assets.
This is still the banana zone. It is not just one line of vertical upward movement that defines the banana zone. The banana zone is made up of a price discovery upward trend, a price discovery downward trend, and a price discovery second uptrend. This is what the chart shows as well. We can go through a phase of correction here, and then another phase. This is part of a strong and parabolic upward movement .”
He says that in previous cycles, there were multiple corrections within the banana zone. Bitcoin is expected to follow a similar pattern.
“These prices discovery corrections may occur very frequently…”
This is the first time that we have seen a price correction. In 2021, there were three. In 2017, there were four. We can expect at least another price correction in the near future .”
Bitcoin has a value of $87,305 as at the time this article was written, which is flat for the day.
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Sources of Images include Pixabay Creative Commons & Midjourney
The Daily Hodl published the following article: Crypto Analyst says that despite downward deviations, Bitcoin rally still in play – ‘Banana Zone.’
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