A crypto strategist who accurately called Bitcoin’s correction before this year’s halving believes the time for accumulating discounted BTC is over.
Pseudonymous analyst Rekt Capital tells his 494,700 followers on social media platform X that Bitcoin is on the verge of regaining its reaccumulation range.
The trader shares a chart showing that Bitcoin has historically shown strength after regaining its accumulation range.
“History has repeated itself. The downward drift is over. The bargain period is over.
Bitcoin is close to confirming a regain of its weekly reaccumulation range.”
The crypto strategist also says Bitcoin appears poised to challenge its diagonal resistance, which has kept BTC bearish since March as long as it trades above a key price area.
“Week one of the cross-channel surge is likely already underway, provided Bitcoin remains above $61,500 entering the new weekly close.”
With Bitcoin now worth $64,245 at the time of writing, Rekt says believes that “the uptrend has resumed” for BTC. The analyst thinks that Bitcoin is now in a position to continue its rise after capitulating to a low of $48,000 earlier this month.
“We will be very lucky if BTC rcomes back up from $71,500.”
Zooming out, Rekt says BTC needs to close August above $64,500 to confirm the end of the downtrend in the high time frame.
“Bitcoin is now challenging the series of lower highs on the monthly time frame (blue). Months close slightly above current prices and Bitcoin would break trendline resistance and the downtrend would be over.”
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Generated image: DALLE3