Cryptocurrency strategist Rekt Capital, Bitcoin $98,131.4He warned that it may trend lower due to the strengthening of current resistance levels. In his statement on the social media platform X, the expert stated that Bitcoin is having difficulty regaining critical weekly support levels.
Bitcoin’s Downtrend and Market Outlook
In his post to his 523,400 followers, Rekt Capital emphasized that Bitcoin is in a downward trend in the short term. Stating that Bitcoin is currently fluctuating around $90,000, the analyst said that failure to maintain support levels could cause further decline. “Bitcoin provides additional bearish confirmations in current conditions. “The reasons for a bull market are limited right now,” he added.
The analyst also reminded that a recovery movement is usually seen after historical correction weeks. “Bitcoin may rise after passing historical correction periods,” said Rekt Capital, pointing out that investors should be careful.
Historical Trends and Bull Market Progress
Rekt Capital noted that Bitcoin is up about 38% in the current bull market cycle. The expert pointed out that the last phase of bull markets is usually the most explosive phase. He stated that this phase means that current price movements may turn into a parabolic acceleration.
Stating that Bitcoin has exhibited strong recoveries after correction weeks according to historical data, the analyst thinks that although the current situation poses short-term risks, it can draw a positive picture in the long term. However, he reiterates his warning that further declines may occur if current resistance levels are maintained.
Bitcoin, which has gained 125% in value in the last year, is traded at $98,151 at the time of writing. However, according to analysts, the future direction of the market depends on the movement of support and resistance levels.
Developments in the cryptocurrency markets continue to be a process that should be followed carefully for investors. Analysts point out that such volatile periods present significant opportunities and risks for investment strategies.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
