Bitcoin’s price has been struggling to regain key support levels on the weekly chart, according to crypto strategist Rekt Capital. Despite a brief relief rally on Monday, Bitcoin was rejected at new lows, indicating a near-term bearish outlook. The analyst warns that as long as previously lost supports turn into new resistance, additional downside should be expected. However, a reclaim of these lost supports would be a bullish sign for Bitcoin’s price movement.
Rekt Capital points out that a correction during these weeks of the current bull market cycle is not uncommon and could actually set Bitcoin up for future rallies. The analyst believes that once Bitcoin clears historically corrective weeks seven, eight, and nine in price discovery, the sentiment will shift to a more bullish outlook. This correction is seen as a gift during the holiday season, with Bitcoin having about 38% left to complete in the bull market cycle based on previous cycles.
Despite the current challenges in the market, Bitcoin is still up more than 125% in the last year, trading at $98,151 at the time of writing. Rekt Capital suggests that the final stage of the bull market cycle is traditionally the most explosive phase, with progress currently at 62%. As Bitcoin enters the parabolic phase, the progress is expected to speed up, potentially leading to significant price movements in the future.
It is important to note that Bitcoin’s price is influenced by various factors, including market sentiment, regulatory developments, and macroeconomic trends. Investors should remain cautious and do their own research before making any investment decisions in the volatile cryptocurrency market. Consulting with financial advisors and staying up to date with the latest news and analysis can help individuals navigate the complex world of cryptocurrency investing.
