Crypto Analyst Signals End of Discount Bitcoin Prices, Predicts Uptrend
A well-known crypto analyst, who correctly forecasted Bitcoin’s pre-halving decline earlier this year, now believes the window for buying Bitcoin at lower prices has closed.
The analyst, who operates under the pseudonym Rekt Capital, recently indicated that Bitcoin is on the brink of regaining its reaccumulation range, a key level where the cryptocurrency has shown strong performance in the past.
History has repeated
The downside deviation is over
The bargain-buying period has ended
Bitcoin is on the cusp of confirming a reclaim of its Weekly Re-Accumulation Range$BTC #Crypto #Bitcoin https://t.co/DWREJ7NBjq pic.twitter.com/6FmRvBlJaF
— Rekt Capital (@rektcapital) August 24, 2024
Rekt Capital suggests that the phase of discounted Bitcoin prices is over, as the market appears to have moved beyond its recent lows. He explains that Bitcoin is nearing a critical point where it could confirm its return to a key weekly reaccumulation range, signaling potential strength ahead.
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Additionally, the strategist points out that Bitcoin may soon test a major resistance level, which has kept the cryptocurrency in a downtrend since March. He believes that as long as Bitcoin remains above approximately $61,500, it could be starting its next upward phase.
Week 1 in the cross-channel ascent likely already underway, provided Bitcoin continues to stay above ~$61500 going into the new Weekly Close$BTC #Crypto #Bitcoin https://t.co/TJCadQyP93 pic.twitter.com/oLapSFaDWb
— Rekt Capital (@rektcapital) August 23, 2024
Currently trading at $64,245, Bitcoin seems to be resuming its upward momentum after dipping to as low as $48,000 earlier this month. Rekt Capital also highlights that if Bitcoin faces resistance again at $71,500, it would be an unusual occurrence.
On a broader scale, Rekt Capital emphasizes the importance of Bitcoin closing the month of August above $64,500. Achieving this would mark the end of a long-term downtrend, as Bitcoin would break through its trendline resistance, signaling a shift in market direction.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
