Bitcoin
Bitcoin Correction Is Over and an Uptrend Has Begun, According to Crypto Analyst – Here Are Your Targets
A crypto strategist who got Bitcoin’s pre-halving correction right this year thinks BTC is now entering an uptrend.
Pseudonymous trader Rekt Capital account its 484,100 followers on social media platform X show that Bitcoin has convincingly broken out of a descending trendline on the daily chart.
“Bitcoin’s bearish trend is over. A new Bitcoin bullish trend has begun.”
Source: Rekt Capital/X
The analyst believe that if Bitcoin breaks above the $65,000 level for support, a new trading range will be formed with an upper limit of $71,500.
“The moment Bitcoin breaks $65,000 (blue) will be the moment Bitcoin forms a new red cluster of price action. Breaking $65,000 would mean the price is ready to move within the $65,000 to $71,500 region.”
Source: Rekt Capital/X
The analyst also it says that Bitcoin’s recent return to the $60,000 range suggests that BTC could follow the patterns of previous cycles and soon reach new all-time highs (ATHs).
“The reaccumulation band has been successfully recovered. The importance of this recovery cannot be underestimated.”
Source: Rekt Capital/X
The analyst recently he said that with the reaccumulation zone recovered, future Bitcoin declines would likely only be short-lived.
“Any dip, should it occur, would be Bitcoin’s way of reclaiming previously lost levels as new support. Any dip would act as a critical retest to ensure the trend continues to the upside. Just keep that in mind for a future red day.”
Bitcoin is trading at $64,794 at the time of writing, up nearly 2% in the past 24 hours.
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