Bitcoin Correction Ends and Uptrend Begins, Crypto Analyst Reveals Targets
A market analyst who accurately predicted Bitcoin’s pre-halving correction earlier this year now believes that BTC is on the cusp of an upward trend. Rekt Capital, a trader known for his insights shared with a substantial following on the social media platform X, has noted that Bitcoin has broken out of a descending trendline on its daily chart, signaling a shift in momentum.
According to Rekt Capital, the recent breakout marks the end of the downtrend for Bitcoin and the beginning of a new uptrend. He suggests that if Bitcoin manages to solidify support above the $65,000 level, a new trading range could establish itself, with an upper boundary around $71,500. The analyst highlights the significance of Bitcoin breaching the $65,000 mark, indicating a potential move into the $65,000-$71,500 price region.
Moreover, Rekt Capital points out that Bitcoin’s return to the $60,000 range hints at a possible repetition of previous market cycles, potentially leading to new all-time highs for BTC. He emphasizes the importance of reclaiming the reaccumulation zone as it could diminish the impact of any future downward movements, suggesting that dips in price might serve as brief retests before a continuation of the upward trend.
Looking ahead, the analyst anticipates that any future dips in Bitcoin’s price would likely be temporary, serving as opportunities for the cryptocurrency to reaffirm previously breached levels as new support. These corrections could play a crucial role in sustaining the bullish trajectory of Bitcoin, reinforcing the potential for further upward movement in the market.
At the time of writing, Bitcoin is valued at $64,794, reflecting a nearly 2% increase in the past 24 hours. Rekt Capital’s analysis and projections provide insights into the evolving dynamics of the cryptocurrency markets, offering valuable perspectives for investors and enthusiasts navigating the volatile landscape of digital assets.
