Bitcoin's price surged past $65,000 on May 6, signaling a potential end to the post-halving "danger zone" as analysts foresee more upside for BTC. This danger zone, typically spanning three weeks after the halving event, historically witnesses downward volatility within the reaccumulation range. Rekt Capital, a prominent crypto analyst, noted that with Bitcoin surpassing the reaccumulation range of around $60,000, the danger zone might be behind us. Despite this, he suggested that the time frame for this phase would continue for the remainder of the week.

During the 2016 bull cycle, Bitcoin experienced an 11% downside wick 21 days after the halving, heralding a reversal in price trends. This cycle, Bitcoin displayed a similar pattern, with a -6% downside wick below its range low within 15 days post-halving, followed by a robust rebound. Analyst Willy Woo echoed this sentiment, predicting higher BTC prices based on the volume-weighted average price (VWAP), which suggests a bullish divergence with ample room for upward movement.

Moreover, the Crypto Fear & Greed Index surged to 71/100, indicating "greed" among investors, a significant shift from the previous "fear" sentiment. However, recent outflows from U.S. spot Bitcoin exchange-traded funds (ETFs), totaling nearly $900 million, contributed to Bitcoin's correction. Nevertheless, data suggests that long-term holders (LTH) might have ceased selling at the $70,000 mark, potentially initiating a new phase of accumulation.

This change in sentiment could alleviate sell pressure, offering a more stable environment for Bitcoin's gradual ascent to new highs. However, concerns over inflation and uncertainty regarding rate cuts may keep Bitcoin subdued in the short term, according to industry experts. Despite short-term uncertainties, there's optimism for Bitcoin's long-term trajectory, with projections of reaching $100,000 before the end of 2024 fueled by anticipated interest rate reductions, ETF demand, and advancements in layer-2 solutions.