Bitcoin (BTC) Correction Is Over, Crypto Strategist Rekt Capital Says the Market Has Carved a Mid-Cycle Bottom
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- 2024-07-18 00:43:15769browse
Pseudonymous trader Rekt Capital shared a chart with his 483,500 followers on the social media platform X that he says suggests the top crypto asset's post-halving downtrend has come to an end.
A popular crypto strategist who predicted Bitcoin’s pre-halving correction earlier this year now believes that BTC has established a mid-cycle bottom.
The pseudonymous trader, known as Rekt Capital, recently shared a chart with his 483,500 followers on the social media platform X, indicating that the top crypto’s post-halving downtrend might be over.
“The Bitcoin correction is over.”
To bolster his claim, Rekt argues that BTC “has successfully reclaimed its post-hal⅜ing reaccumulation range.”
The analyst also notes that Bitcoin has begun a multi-week uptrend after breaking through a diagonal resistance that has been driving the market bearish since June.
Furthermore, according to Rekt, previous halving cycles suggest that BTC is only 40.2% into its current bull market.
The analyst also advises traders to anticipate price dips in the near term.
“Any dip, if any, is Bitcoin’s way of reclaiming previously lost levels as new support. Any dips serve as a critical retest in ensuring further trend continuation to the upside. Just keep this in mind on a future red day.”
At the time of writing, Bitcoin is trading at $64,795, up nearly 6% in the last 24 hours and about 13% in the last seven days.
Despite these gains, Bitcoin is still down over 12% from its all-time high of over $73,700 set on March 14th this year, according to CoinGecko.
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