A well-known crypto analyst, Rekt Capital, warns that Bitcoin (BTC) may be entering a prolonged downturn after breaking through two key support levels on the weekly chart. He told his 524,500 followers on X that this indicates an end to the recent short-term price uptrend, suggesting Bitcoin might experience a correction in the coming weeks. Rekt pointed out that previous support levels are now acting as resistance, reinforcing his bearish outlook on BTC. Currently priced at around $93,487, he predicts that if Bitcoin falls below $94,250, it could drop further into the low $90,000 range. As the Market shifts, investors should stay informed and cautious.
A well-known crypto analyst is raising concerns about Bitcoin’s recent performance, hinting at a possible extended correction phase. This comes after key support levels for the cryptocurrency were breached recently, signaling the end of its short-term uptrend.
The analyst, who goes by the name Rekt Capital and has a substantial following on social media, shared insights that Bitcoin’s weekly chart indicates trouble ahead. He observed that Bitcoin has lost significant support, suggesting that the price may need to take a break in the upcoming weeks.
Rekt Capital emphasized that old support levels might now act as new resistance points for Bitcoin. He predicts that if the current price trend continues downward, Bitcoin could drop to around the $90,000 mark. Currently, Bitcoin is trading at about $93,487.
As the cryptocurrency Market remains volatile, investors are advised to stay informed. Rekt Capital’s insights serve as a reminder to carefully consider Market trends and perform thorough analysis before making investment decisions in this dynamic space.
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Tags: Bitcoin, cryptocurrency, Market analysis, Rekt Capital, price prediction, Bitcoin correction
What does it mean when analysts warn about a multi-week correction for Bitcoin?
When analysts warn about a multi-week correction for Bitcoin, they believe the price of Bitcoin might drop or move sideways for several weeks after a period of growth or volatility. This can be due to various Market factors, investor behavior, or upcoming events like the halving.
Why do analysts focus on Bitcoin’s pre-halving pullback?
Analysts focus on Bitcoin’s pre-halving pullback because historically, the price often drops or stabilizes before the halving event. This event reduces the rewards for mining Bitcoin, which can affect supply and demand dynamics.
What signs should investors look for regarding a Bitcoin correction?
Investors should look for signs like declining trading volumes, increased selling pressure, or negative news in the cryptocurrency space. Additionally, if Bitcoin’s price starts to show consistent lower highs, this might indicate a potential correction.
How can I protect my investments during a Bitcoin correction?
To protect your investments during a Bitcoin correction, consider diversifying your portfolio. You might also want to set stop-loss orders or take profits during price spikes to minimize potential losses. Staying informed and monitoring Market trends is also essential.
Is it a good time to buy Bitcoin now?
It depends on your personal financial situation and investment strategy. If you believe in Bitcoin’s long-term potential, a correction might offer a buying opportunity. However, it’s important to do thorough research and possibly consult with a financial advisor before making any decisions.
