Bitcoin (BTC) Accumulation Period Is Over, Reclaiming Reaccumulation Range Imminent: Analyst
- WBOYOriginal
- 2024-08-25 18:01:20811browse
A crypto strategist who accurately called this year's pre-halving Bitcoin correction believes the time to accumulate discounted BTC is over.
Pseudonymous crypto analyst Rekt Capital says that Bitcoin (BTC) is on the verge of reclaiming its reaccumulation range after a period of downturn.
In a new analysis, Rekt Capital tells his 494,700 followers on the social media platform X that the strength of Bitcoin is usually realized after it reclaims its accumulation range.
According to him, the crypto asset is on the cusp of confirming a reclaim of its weekly re-accumulation range, suggesting that the time to accumulate discounted BTC is over.
“History has repeated. The downside deviation is over. The bargain-buying period has ended.
Bitcoin is on the cusp of confirming a reclaim of its weekly re-accumulation range.”
The crypto strategist also notes that Bitcoin appears poised to challenge its diagonal resistance, which has maintained BTC in a bearish trend since March, as long as it trades above a key price point.
“Week one in the cross-channel ascent likely already underway, provided BTC continues to stay above ~$61,500 going into the new weekly close.”
As of the time of writing, BTC trades at $64,245. According to Rekt, “the uptrend has resumed” for BTC. The analyst believes that Bitcoin is now in a position to sustain its ascent after capitulating to as low as $48,000 earlier this month.
“We’ll be very lucky if BTC rejects from $71,500 again.”
Zooming out, Rekt says that BTC needs to close August above $64,500 to confirm the end of its high time frame downtrend.
“Bitcoin is now challenging the series of lower highs on the monthly timeframe (blue). Monthly close a little above current prices and Bitcoin would break the trendline resistance and the downtrend would be over.”
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