As a crypto strategist predicted a mid-cycle bottom for Bitcoin, many traders are optimistic about the future of the leading cryptocurrency. Rekt Capital, a pseudonymous trader, shared a chart on social media platform X with over 483,500 followers, claiming that the post-halving downtrend for Bitcoin has come to an end. He confidently stated, “The Bitcoin correction is over,” pointing out that BTC has reclaimed its post-halving reaccumulation range.
To support his argument, Rekt Capital mentioned that Bitcoin has initiated a multi-week uptrend after breaking above a diagonal resistance that has been keeping the market bearish since June. Furthermore, he highlighted that previous halving cycles indicate that BTC is only 40.2% through its current bull market. He also advised traders not to be concerned about potential price dips in the near future, suggesting that any dip would be Bitcoin’s way of reclaiming lost levels as new support.
Despite recent price gains, with Bitcoin trading at $64,795 at the time of writing and up nearly 6% in the past 24 hours and about 13% in the past week, it is still over 12% down from its all-time high of more than $73,700. This high was achieved on March 14th of this year, according to data from CoinGecko. The crypto market is constantly evolving and experiencing volatility, making it essential for traders and investors to stay informed about developments in order to make educated decisions.
As the crypto market continues to show signs of recovery, it is crucial for traders to remain vigilant and keep a close eye on Bitcoin’s price movements. The recent positive momentum in the market has generated optimism among traders, with many expecting further upside potential for Bitcoin in the near future. By closely monitoring the market and staying informed about the latest trends and developments, traders can position themselves strategically to capitalize on potential opportunities for profit.
In conclusion, the recent analysis by Rekt Capital and the positive price movements for Bitcoin indicate a potential mid-cycle bottom for the leading cryptocurrency. Traders are advised to remain informed and cautious, as market conditions can change rapidly. By staying informed about market trends and developments, traders can make well-informed decisions and potentially benefit from the opportunities presented by the crypto market. Subscribe to email alerts and follow trusted sources on social media to stay updated on the latest news and analysis in the crypto space.
