A well-known crypto analyst believes that Bitcoin has bottomed out and is ready for a new bull run.
Analyst Predicts Bullish Future for Bitcoin
Rekt Capital, a popular crypto trader with over 483,000 followers, shared his optimistic outlook on Bitcoin’s future. He claims that Bitcoin has successfully recovered from its recent dip and is now in a position to start a new uptrend.
Key Factors Supporting the Bullish Outlook
Rekt Capital points to several factors supporting his prediction:
- Reclaimed Critical Range: Bitcoin has successfully regained its post-halving reaccumulation range, a significant indicator of bullish momentum.
- Breakthrough Resistance: Bitcoin has broken through a diagonal resistance that has been holding it back since June, suggesting a shift in market sentiment.
- Multi-Week Uptrend Expected: The analyst expects Bitcoin to embark on a multi-week uptrend following the recent breakout.
- Bull Market Still Young:
Based on previous halving cycles, Bitcoin is only about 40% through its current bull market.
Don’t Worry About Dips
Rekt Capital reassures traders that any potential dips in the near future are just opportunities for Bitcoin to consolidate gains and build stronger support levels. He emphasizes that these dips should be viewed as positive retests that will ultimately fuel further upward momentum.
Bitcoin’s Recent Price Action
Bitcoin is currently trading at around $64,795, up nearly 6% in the past 24 hours and about 13% in the past week. While it’s still down over 12% from its all-time high of $73,700 reached in March, the recent price action suggests a positive shift in market sentiment.
Disclaimer: This information is for educational purposes only and should not be considered investment advice. Always conduct thorough research and consult with a financial advisor before making any investment decisions. /p>
