A cryptocurrency strategist who accurately predicted the pre-halving Bitcoin correction earlier this year is now cautioning that BTC may see further downside as resistance levels strengthen. Rekt Capital, a pseudonymous analyst with a large following on the social media platform X, believes that Bitcoin is currently showing bearish signs as it struggles to reclaim crucial support levels on the weekly chart while hovering around the $90,000 mark.
In a recent update, Rekt Capital mentioned that Bitcoin experienced a relief rally on Monday, only to be rejected at new lows shortly after. The following day, Bitcoin saw another rebound back to the old support level. The analyst emphasized that if previously lost support levels turn into new resistance, more downside could be expected. However, a successful reclaim of these support levels would be a bullish signal for Bitcoin.
The analyst also pointed out that a correction during this phase of the current bull market cycle is not uncommon based on historical patterns. According to Rekt Capital, these corrections could potentially set Bitcoin up for future rallies. As the market progresses, the analyst suggests that Bitcoin has around 38% left to complete in the current bull market cycle, with the final stage traditionally being the most explosive phase.
At the time of writing, Bitcoin is trading at $98,151, marking an impressive 125% increase over the past year. Rekt Capital’s analysis indicates that Bitcoin’s progress in the bull market is at 62%, with expectations for acceleration in the parabolic phase.
For those interested in staying updated on the latest cryptocurrency news and price movements, subscribing to email alerts and following reputable sources on social media platforms like X, Facebook, and Telegram is recommended. Keeping an eye on price action and market trends can help investors make informed decisions in the ever-changing world of cryptocurrency.
As the cryptocurrency market continues to evolve, it’s crucial to stay informed and adapt to new developments. With Bitcoin’s volatility and potential for significant growth, staying ahead of the curve can be essential for maximizing investment opportunities.