Bitcoin has moved past the post-halving "danger zone," where there was a risk of falling below its range low, and is now entering a reaccumulation phase, according to a well-known crypto strategist who references historical patterns.

Recently, Bitcoin experienced a retracement and is now trading around $69,000, despite the SEC's approval of multiple spot Ethereum ETFs. With Bitcoin out of the danger zone, the question arises whether it will resume its upward trend or face a deeper correction.

An analyst predicts that Bitcoin will continue trading sideways for several more weeks. On May 24, crypto trader Rekt Capital noted on X that Bitcoin has exited the typical post-halving danger zone, a period of correction following the quadrennial halving event. Historically, Bitcoin then enters a reaccumulation phase, moving sideways within a narrow range, suggesting potential further pullbacks during this period.

Since exiting the danger zone, Bitcoin surged to $71,500 but faced resistance at this range high, leading to continued consolidation. Rekt Capital suggests this sideways trading between $60,000 and $70,000 could last until September.

Historically, Bitcoin often faces rejection at the range high on the first breakout attempt post-halving, with reaccumulation typically lasting up to 160 days. Thus, a significant breakout might only occur by September 2024.

Bitcoin's price recently dropped over 20% from its $73,737 all-time high in mid-March to around $56,780 on May 1, potentially marking the end of the danger zone. By May 21, Bitcoin briefly surpassed $70,000 before dropping to around $67,000. It has since recovered to $69,176, supporting the reaccumulation phase analysis.

Despite the current sideways trend, some industry experts remain very optimistic. For example, veteran crypto analyst Tom Lee predicts Bitcoin could reach $150,000 by the end of the year.