A popular crypto analyst thinks Bitcoin (BTC) could be about to turn things around after a big drop in price. This analyst, who goes by the name Rekt Capital, told his 482,500 followers on social media that BTC is showing signs of getting stronger.
Bitcoin Finding Support
Rekt Capital says that Bitcoin’s recent price drop seems to be finding support around $57,000. He believes that this drop was a “fake breakdown” and that Bitcoin is now holding its ground.
A Deep Correction
The analyst also points out that this recent drop in Bitcoin’s price is the second biggest dip we’ve seen during this bull market. It’s lasted for 49 days, making it the longest drop so far.
A Potential Bounce
Rekt Capital believes that Bitcoin is getting closer to breaking out of its current downtrend. He thinks that if Bitcoin continues to show signs of strength, it could soon challenge this downtrend.
Looking Ahead
While Rekt Capital sees potential for a Bitcoin bounce, he previously suggested that traders might have to wait until next fall before Bitcoin reaches its peak for this bull market. He based this prediction on the timing of Bitcoin’s peaks in previous bull markets.
Disclaimer: This information is for general knowledge and should not be considered investment advice. Always do your own research before making any investment decisions.
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