Bitcoin $94,343.8is being closely followed by many crypto investors after experiencing a recent 15% pullback. Crypto analyst Rekt Capital stated that there is a high probability that Bitcoin will reverse its direction after this decline. Rekt Capital argues that Bitcoin is in a recovery trend in light of historical data.
Bitcoin’s Recovery Trend with Historical Data
Rekt Capital examined Bitcoin’s previous market cycles when making its predictions. By analyzing market movements in 2013, 2017 and 2020/2021, he observed that there was a recovery after correction in similar periods. He stated that these data may also be valid under current market conditions.
Corrections in the Price Discovery Process
Rekt Capital emphasized that Bitcoin’s current correction is part of the price discovery process. Price discovery is the process by which buyers and sellers determine fair market value based on supply and demand. He stated that the corrections experienced in this process are generally necessary for the healthy functioning of the market.
“Bitcoin initiated the current 15% retracement in the seventh week of the price discovery period. The timing of this pullback is consistent with historical trends. “As this is the first price discovery correction of the cycle, there is a high probability of a reversal.” – Rekt Capital
The analyst predicts that Bitcoin has made a healthy recovery from the support range and will remain in a price range between $91,000 and $101,000 in the near future. According to current data, the value of Bitcoin is at $93,803, with a 1% decrease in the last 24 hours.
Rekt Capital stated that similar movements in past market cycles are also valid for the current situation. He stated that Bitcoin has been on a steady rise after similar corrections in previous cycles.
For Bitcoin investors, this analysis can be an important reference point when assessing the current state of the market. In light of historical data, it is conceivable that the current correction may be temporary and Bitcoin may gain value again.
Investors who follow current market conditions and Bitcoin’s technical analysis can shape their strategies by evaluating such predictions.
These comments by Rekt Capital support the long-term value of Bitcoin and can be considered a promising signal for investors for the future.
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.
