Cryptocurrency trader Rekt Capital believes Bitcoin (BTC) may have reached a market bottom after a deep correction.
Deepest Correction in Cycle
The recent correction, which saw Bitcoin fall into the high $50,000 range, is the deepest in the current cycle, surpassing the 23% decline in early 2023.
Bottoming Out
Based on the correction’s depth and duration (around 50 days), Rekt Capital believes Bitcoin is likely bottoming out at current price levels.
Limited Downside Risk
The analyst notes that the risk-to-reward ratio favors bulls as the correction approaches its deepest point in the cycle. He believes there is limited downside potential remaining.
Price Action
At the time of writing, Bitcoin is trading at $59,332, up over 2% in the past 24 hours.
