Bitcoin has been on a rollercoaster ride this year, but one crypto strategist, Rekt Capital, believes the cryptocurrency is now entering an uptrend. Rekt Capital, who accurately predicted Bitcoin’s pre-halving correction earlier this year, took to social media platform X to share his insights. According to the analyst, Bitcoin has convincingly broken out of a descending trendline on the daily chart, signaling the end of the downtrend and the beginning of a new uptrend.
Rekt Capital is optimistic about Bitcoin’s future price action, suggesting that if the cryptocurrency can flip the $65,000 level into support, a new trading range will form with an upper bound of $71,500. He believes that breaking $65,000 will pave the way for Bitcoin to move into the $65,000-$71,500 region. The analyst also points out that Bitcoin’s recent return to the $60,000 range indicates that BTC could follow prior cycle patterns and soon reach new all-time highs.
The strategist emphasizes the significance of Bitcoin reclaiming the reaccumulation range, stating that this reclaim is crucial for future price movements. He believes that with the reclaimed reaccumulation zone, any future Bitcoin dips are likely to be short-lived, serving as pivotal retests to ensure further trend continuation to the upside. Rekt Capital warns investors to remember this on a future red day, suggesting that dips may be opportunities for Bitcoin to reclaim previously lost levels as new support.
Currently, Bitcoin is trading at $64,794, reflecting a nearly 2% increase in the last 24 hours. Despite the volatility in the cryptocurrency market, Rekt Capital remains bullish on Bitcoin’s price prospect and encourages investors to stay tuned for further updates. To stay informed about the latest developments in the crypto space, make sure to subscribe to get email alerts delivered directly to your inbox. Additionally, follow Rekt Capital on X, Facebook, and Telegram for real-time updates and insights into the market trends.
