Famous cryptocurrency analyst and strategist Rekt Capitalwarned investors that the favorable buying opportunities for Bitcoin (BTC) are now over. The analyst, who correctly predicted the 2024 pre-halving correction, stated that Bitcoin is on the verge of regaining its consolidation range.
Bitcoin’s Downtrend Has Come to an End, According to Analyst
In a statement on social media platform X, Rekt Capital said, BitcoinHe noted that historically, after recapturing the consolidation range, the analyst has shown strength. Noting that this situation has repeated itself once again, the analyst said, “The downside divergence is over. The cheap buying period is over. Bitcoin is on the verge of confirming the recovery of the weekly reconsolidation range.” A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
The analyst also noted that Bitcoin appears ready to challenge the diagonal resistance trend line that has kept the price in decline since March. crypto moneyHe said that provided that the price is trading above a certain price zone, it can overcome this resistance. According to the analyst, Bitcoin staying above $61,500 at the weekly close could confirm the start of an upward move in this exit channel.
At the time of writing, Bitcoin was trading around $64,000, with Rekt Capital now in the view that BTC is now back on an uptrend. The analyst said that Bitcoin has rebounded after falling to $48,000 earlier this month, and believes it can maintain this momentum.
Expecting to Exceed $71,500
Rekt Capital, which has once again benefited investors,BTC“The probability of BTC being rejected again at $71,500 will be very low,” he said. The analyst emphasized that if BTC closes above $64,500 in August, it will be confirmed that the downtrend in the high time frame has ended.
He noted that Bitcoin is currently struggling with a series of lower highs (blue) on the monthly timeframe, and that a monthly close slightly above current prices would break the trendline resistance and end the downtrend.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
