Cryptocurrency analyst Rekt Capital is warning that Bitcoin may be heading lower as it struggles to reclaim key support levels. Despite showing some signs of a relief rally, Bitcoin has been rejected at new lows, indicating a near-term bearish trend. The analyst points out that a correction during this phase of the current bull market cycle is not unusual and could potentially set Bitcoin up for future rallies.
According to historical precedence, Bitcoin typically experiences corrective weeks during the bull market cycle before entering a more bullish phase. Rekt Capital suggests that Bitcoin has about 38% left to complete in the current cycle, with the final stage traditionally being the most explosive. As the cryptocurrency market progresses, the analyst believes that Bitcoin will speed up in the parabolic phase, potentially leading to significant price gains.
At the time of writing, Bitcoin is trading at $98,151, up more than 125% in the last year. Despite the recent price volatility, Rekt Capital remains cautious in the short term but optimistic about the long-term potential for Bitcoin. The analyst advises investors to pay close attention to key support levels and resistance levels, as these can provide important signals for future price movements.
To stay updated on the latest developments in the cryptocurrency market, readers are encouraged to subscribe to email alerts or follow industry news on social media platforms such as X, Facebook, and Telegram. By staying informed and following expert analysis, investors can make more informed decisions about when to buy, sell, or hold Bitcoin and other cryptocurrencies. As the market continues to evolve, it is important to stay ahead of trends and developments to maximize investment opportunities.
Overall, while Bitcoin may face short-term challenges, there is still significant potential for growth in the long term. By understanding historical trends and market cycles, investors can better navigate the volatile cryptocurrency market and capitalize on opportunities for profit. With expert analysis and strategic planning, investors can position themselves for success in the ever-changing world of cryptocurrency.
