A well-known crypto analyst, Rekt Capital, is predicting a potential downturn for Bitcoin. This analyst correctly predicted a Bitcoin price drop earlier this year.
Bitcoin’s Support Levels Broken
Rekt Capital, who boasts a large following on X (formerly Twitter), points to Bitcoin breaking through two key support levels on the weekly chart. This, they say, signals the end of a recent upward trend. The analyst believes this suggests a multi-week correction is likely. Any temporary price increases could simply reinforce the downward trend.
Previous Support Now Resistance
Adding to the bearish outlook, Rekt Capital highlights that previous support levels are now acting as resistance. This further confirms the breakdown, according to the analyst. While the price hasn’t dropped dramatically yet, the analyst anticipates Bitcoin reaching the $90,000 level. A break below $94,250 daily could accelerate this decline.
Current Price and Disclaimer
At the time of writing, Bitcoin is trading around $93,487. It’s important to remember that this is just one analyst’s opinion and not financial advice. Always do your own research before investing in cryptocurrencies.
