In the world of cryptocurrency, Bitcoin (BTC) has been experiencing some turbulence, with a widely followed crypto analyst warning investors of a potential further plunge if a critical support zone is breached. Rekt Capital, a pseudonymous crypto trader with a large following on social media platform X, recently shared insights with over 539,600 followers about the current state of Bitcoin.
According to Rekt Capital, Bitcoin is currently teetering on the edge, with the possibility of falling below $90,000 if it fails to hold the $91,000 level as support. The trader emphasized the importance of this support level, stating that a daily close below $91,000 followed by a flip to resistance could lead to a price range between $87,000 to $91,000. However, Rekt Capital also highlighted that there is still a chance for Bitcoin to avoid this scenario, as it remains within the $91,000 to $101,000 range until confirmation proves otherwise.
In a series of tweets, Rekt Capital noted that while Bitcoin managed to reclaim the $91,000 support zone earlier in the day, it still needs to close above this level by the end of the day to confirm its strength. The trader emphasized the importance of the upcoming daily close, as it will play a crucial role in determining Bitcoin’s next move.
Looking at the bigger picture, Rekt Capital pointed out that Bitcoin is currently in the fourth week of a price discovery correction. Historically, these types of corrections typically last between 2 to 4 weeks, suggesting that Bitcoin may be nearing the end of this correction phase.
At the time of writing, Bitcoin is trading at $91,767, marking a 3% decrease for the day. As the cryptocurrency market continues to fluctuate, investors are advised to stay informed and monitor key support levels closely to make informed decisions.
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As the cryptocurrency market remains dynamic and unpredictable, it is essential for investors to stay informed and adapt to changing market conditions. By keeping a close eye on key support levels and market trends, investors can navigate the complex world of cryptocurrency with greater confidence and clarity.