Bitcoin is playing mind games with traders, according to crypto analyst Rekt Capital. He claims Bitcoin uses fake dips to shake out weaker holders before another price surge.
Fake Breakdowns, Real Gains?
Rekt Capital, a popular analyst with over 500,000 followers, says Bitcoin’s recent price drops are designed to trick traders. These dips, he argues, are actually “reaccumulation” zones. Essentially, Bitcoin is luring traders into selling, allowing it to consolidate before another upward push. He points to past instances where this pattern played out.
The Key Level to Watch
Rekt Capital highlights a crucial price point: a weekly close above $104,416. He believes breaking this level would signal a strong move towards new all-time highs. Historically, Bitcoin has seen significant gains after clearing similar resistance points.
A Dip After the Rally?
While predicting a bullish breakout recently, Rekt Capital also cautioned that a significant drop is likely after the next big rally. This suggests a pattern of sharp rises followed by substantial corrections.
Current Market Conditions
At the time of writing, Bitcoin is trading around $99,019, down slightly.
Disclaimer:
This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies./p>
