Bitcoin Downtrend Declared Over by Trader, Bull Market Outlook Updated Following Critical Range Reclaim
A market analyst who accurately predicted the Bitcoin pre-halving adjustment earlier this year believes that BTC has established a mid-cycle support level.
On the social media platform X, the pseudonymous trader Rekt Capital shared a chart with his substantial following, indicating that the primary cryptocurrency’s downward trend following the halving has concluded.
Rekt Capital asserts, “The Bitcoin correction has concluded,” pointing to BTC’s successful reclamation of its post-halving reaccumulation range.
Further reinforcing his position, the analyst highlights that Bitcoin has initiated a multi-week upward trend after breaking through a diagonal resistance level that had been suppressing the market since June.
In addition, Rekt Capital points out that historical halving patterns suggest Bitcoin is only 40.2% into its current bullish cycle.
Encouraging traders, he advises not to be overly concerned about potential price declines in the near future. Any dips, if they occur, would likely serve as a means for Bitcoin to solidify previously lost levels as new support, facilitating further upward momentum.
At the time of writing, Bitcoin is valued at $64,795, reflecting a nearly 6% increase over the past 24 hours and a 13% rise in the last week.
Despite its recent gains, Bitcoin remains more than 12% below its all-time high of over $73,700, set on March 14th this year, according to CoinGecko.
In conclusion, the current market sentiment, as analyzed by Rekt Capital, suggests a positive outlook for Bitcoin’s price trajectory, with potential for further upside movements in the coming weeks.
