Analyst Explains Why Bitcoin (BTC) is Likely to Maintain Current Price Levels
A cryptocurrency expert predicts that Bitcoin (BTC) is likely to stabilize at its current levels following a brief dip to around $59,000. The analyst, known as Rekt Capital, shared insights with a large audience on the social media platform X, suggesting that based on historical data, Bitcoin is expected to trade within a range with a bottom around $60,000 on the weekly chart before experiencing a breakout.
According to the analyst, Bitcoin’s recent price action aligns with past patterns where the cryptocurrency has maintained support levels during similar post-halving periods. This historical context indicates that Bitcoin should be able to sustain its current position, given its failure to surpass previous re-accumulation highs early in the post-halving phase and its ability to retain re-accumulation range lows as support.
Furthermore, the analyst notes that although the current cycle of Bitcoin kicked off at a faster pace compared to previous cycles, it has since slowed down. This deceleration hints at a more conventional bull market trajectory, with a longer-lasting upward trend anticipated. The rate of acceleration in the current cycle has decreased from 260 days to 160 days, reinforcing the likelihood of a more prolonged bullish phase.
In addition to these observations, the analyst hints at the formation of a downward channel pattern on Bitcoin’s weekly chart as it retests the critical $60,000 support level. This assessment suggests that Bitcoin might be in the process of establishing a new pattern during this retracement phase, especially as it revisits previous all-time high levels for potential support.
As of the latest update, Bitcoin is trading at $61,898, showing a nearly 4% increase in value over the past 24 hours. This price movement aligns with the analyst’s analysis of Bitcoin’s potential to consolidate around current levels before potentially embarking on a more sustained bullish trend.
It is essential to note that cryptocurrency markets are inherently volatile, and investors should exercise caution and conduct thorough research before engaging in high-risk investments. The analysis provided by experts like Rekt Capital offers valuable insights into potential market trends, but individual decision-making should be informed by a comprehensive understanding of the risks involved in cryptocurrency trading.
