A crypto strategist who weathered Bitcoin’s halving correction this year thinks BTC has hit a mid-cycle bottom.
Pseudonymous trader Rekt Capital shared He said a chart showing his 483,500 followers on the social media platform
“The Bitcoin Correction is Over.”
To support his position, Rekt argues that BTC “has successfully reclaimed its post-halving reaccumulation range.”
The analyst too say that Bitcoin has kicked off what it believes will be a multi-week uptrend, after BTC broke above a diagonal resistance that has kept the market bearish since June.
Moreover, Rekt notes that previous halving cycles indicate that BTC is only up 40.2% on the current bull market.
The analyst too tells traders do not have to worry about price drops in the near future.
“Any dip, should it occur, would be Bitcoin’s way of regaining previously lost levels as new support. Any dips would act as a crucial retest to ensure further upward continuation of the trend. Just remember this on a future red day.”
Bitcoin is trading at $64,795 at the time of writing and is up almost 6% in the past 24 hours and around 13% in the past week.
Despite price increases over the past seven days, Bitcoin is still more than 12% lower than its all-time high of over $73,700, which it reached on March 14 this year, according to Coin gecko.
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Generated image: Midjourney