Bitcoin, the leading cryptocurrency, has recently experienced a pullback in its price, prompting speculation among traders about its next move. Rekt Capital, a popular crypto analyst, believes that there is a high probability that Bitcoin will reverse course and begin a recovery.
According to Rekt Capital, the current pullback in Bitcoin’s price is in line with historical trends. He points out that this correction is the first of its kind in this price discovery cycle, which increases the likelihood of a reversal. Price discovery is a process where buyers and sellers determine the fair market value of an asset based on various factors such as supply and demand.
Drawing on historical data, Rekt Capital highlights similar patterns in previous Bitcoin cycles. In 2013, Bitcoin experienced a major correction in week seven after six weeks of upside movement. Similarly, in 2017, there was a significant pullback of -34% in week seven after seven weeks of price discovery. In the current cycle, Bitcoin enjoyed upside movement until week seven before retracing by 15%, which is consistent with past trends.
Rekt Capital notes that Bitcoin has bounced back from its recent low support range and is likely to trade within the $91,000 to $101,000 range for the time being. At the time of writing, Bitcoin is priced at $93,803, representing a 1% decrease in the last 24 hours.
For those interested in staying updated on Bitcoin’s price action, subscribing to email alerts or following social media platforms like X, Facebook, and Telegram is recommended. Additionally, readers can access The Daily Hodl Mix for more insights into the cryptocurrency market.
In conclusion, while Bitcoin has experienced a recent pullback, historical patterns suggest that a reversal and recovery may be on the horizon. Traders and investors are advised to stay informed and monitor price movements closely to make informed decisions in the volatile cryptocurrency market.