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Bitcoins (BTC) price rose above the $65,000 mark on May 6 as analysts argued that the post-halvingdanger zone may be over, with more BTC upside on the way.

Bitcoins post-halving danger zoneis a three-week window after the halving, historically associated with downside volatility occurring below the reaccumulation range.

With Bitcoin rising above the current reaccumulation range of approximately $60,000, the post-halving danger zone may be over, according to popular crypto analyst Rekt Capital. He wrote in a May 6 post:

During the 2016 bull cycle, Bitcoin produced an 11% downside wick 21 days after the halving, which marked the beginning of the price reversal, noted Rekt Capital in a May 6 X post:

Meanwhile, Bitcoin analyst Willy Woo also expects higher BTC prices based on the volume-weighted average price (VWAP), a popular oscillator used by traders to determine the average asset price based on price action and volume.

Woo wrote in a May 6 X post:

Further showcasing a change in investor sentiment, the Crypto Fear & Greed Index rose to 71/100, signaling greed up from 43/100, or fear, on May 2.

Outflows from the 11 United States spot Bitcoin exchange-traded funds (ETFs) have contributed to Bitcoins correction. The U.S. ETFs recorded their highest week of outflows since launching, with nearly $900 million in net cumulative outflows over the past week, according to Dune data.

Related: Bitcoin enters new era as whales scoop up over 47K BTC during price pullback

Interestingly, data suggests that long-term holders (LTH) at the $70,000 price have finished selling to new investors. Thus, a new active accumulation phase could bestarting, according to CryptoQuant author Axel Adler Jr.s May 6 X post.

This can significantly reduce Bitcoins sell pressure, paving the way toward a gradual climb to new highs, according to Eitan Katz, the founder of Kima, a decentralized money transfer protocol. Katz told Cointelegraph:

However, Bitcoin could remain subdued in the short term, due to concerns over inflation and dampened expectations for rate cuts, according to Mithil Thakore, CEO of Velar, a Bitcoin-native liquidity protocol. Thakore told Cointelegraph:

After the current short-term consolidation, Thakore expects Bitcoin price to reach $100,000 before the end of 2024. He said:

Related: Mr. 100 buys the Bitcoin dip for the first time since halving Is the BTC bottom in?

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bitcoin distribution 'danger zone' over, analysts say - Cointelegraph