A popular crypto analyst, Rekt Capital, believes Bitcoin (BTC) has likely bottomed out and is showing bullish signs. This comes after a recent price drop.
Bullish Signals Despite Price Drop
Rekt Capital, who boasts over 500,000 followers on X (formerly Twitter), points to a pattern of higher lows on Bitcoin’s daily chart. This suggests a potential upward trend is forming, even after a significant correction that saw prices dip into the high $70,000 range. He notes that this higher low is forming without even filling a previous price gap on the CME futures market.
Correction Within Expectations
The analyst emphasizes that this recent correction isn’t unusual. He compares it to similar price drops seen in past Bitcoin bull markets, noting that 25-30% pullbacks have been typical. The current correction fits this pattern.
Buying Opportunity?
Rekt Capital suggests that the recent price drop might be a good opportunity to buy. He warns against letting fear of a bear market prevent investors from participating in what he sees as a continuing bull run.
Key Level to Watch
According to Rekt Capital, breaking the $93,500 level on the weekly chart would strongly confirm the bullish momentum. At the time of writing, Bitcoin was trading around $89,906.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before making any investment decisions, especially in the volatile cryptocurrency market.
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