Markets
Trader Updates Bull Market Outlook, Says Bitcoin Bearish Trend Is Now Over After Successfully Reclaiming Critical Range
A crypto strategist who navigated Bitcoin’s pre-halving correction this year believes Bitcoin dug a mid-cycle trough.
Trader pseudonym Rekt Capital sharing a chart with his 483,500 followers on social media platform X that he says suggests the leading crypto asset’s post-halving downtrend has ended.
“The Bitcoin correction is over.”
Source: Rekt Capital/X
To support his position, Rekt supports that BTC “has successfully reclaimed its post-halving reaccumulation zone.”
Source: Rekt Capital/X
The analyst also said that Bitcoin has started what it believes will be a multi-week bullish trend after BTC broke through a diagonal resistance that has kept the market bearish since June.
Source: Rekt Capital/X
In addition, Rekt Remarks that previous halving cycles indicate that BTC is only 40.2% into its current bull market.
Source: Rekt Capital/X
The analyst also tell Traders need not worry about price drops in the near future.
“Any decline, if it occurs, would be a way for Bitcoin to reclaim previously lost levels as new support. Any decline would act as a pivot retest to ensure a continuation of the uptrend. Remember this on a future red day.”
At the time of writing, Bitcoin is trading at $64,795 and is up nearly 6% in the past 24 hours and about 13% in the past week.
Despite its price gains over the past seven days, Bitcoin is still down more than 12% from its all-time high of over $73,700, which it reached on March 14 of this year, according to CoinGecko.
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