Renowned cryptocurrency analyst Rekt Capital has alerted investors that the favorable period for purchasing Bitcoin (BTC) has ended. The strategist, known for accurately predicting the 2024 pre-halving market correction, remarked that Bitcoin is close to reclaiming its consolidation range.
Bitcoin’s Downtrend Concludes?
In a recent update on social media platform X, Rekt Capital emphasized Bitcoin’s historical resilience upon re-entering its consolidation range. The analyst highlighted that this recurring pattern indicates the end of a downward phase and the cessation of discounted buying opportunities. “The downward deviation has ended. The cheap buying period is over. Bitcoin is on the verge of confirming the weekly consolidation range,” he stated.
Additionally, Rekt Capital pointed out that Bitcoin appears poised to challenge a significant diagonal resistance trend line, which has suppressed its price since March. Overcoming this resistance could lead to a potential upward movement, with a crucial weekly close above $61,500 signaling a breakout.
Can Bitcoin Break $71,500?
At the time of writing, Bitcoin was trading around $64,000, with the analyst believing that BTC has returned to an upward trajectory. Rekt Capital expressed optimism, noting that Bitcoin could sustain this momentum after recuperating from a drop to $48,000 earlier in the month.
Rekt Capital provided a final caution, stating, “The likelihood of BTC being rejected again at $71,500 is very low.” He highlighted that a close above $64,500 in August would mark the end of the long-term downtrend. The analyst also noted the importance of surpassing lower monthly peaks to definitively break the trend line resistance.
Key Takeaways for Investors
• Monitor Bitcoin’s weekly close above $61,500 for potential upward movement.
• A close above $64,500 in August could confirm the end of the long-term downtrend.
• Watch for Bitcoin challenging the $71,500 resistance level with low rejection risks.
• Observe lower monthly peaks; surpassing them may break trend line resistance.
In conclusion, Rekt Capital’s analysis suggests that Bitcoin is in a critical phase, with potential for significant upward movement if key resistance levels are broken. Investors are advised to stay vigilant and consider these pivotal price points in their trading strategies.