The well-known cryptocurrency analyst believes that Bitcoin (BTC), after a brief correction to the $59,000 range, may maintain its current level.
Anonymous cryptocurrency trader Rekt Capital told his 478,800 followers on the social media platform X that historical precedence suggests Bitcoin may continue to trade within the $60,000 range on the weekly chart before breaking out.
“Bitcoin has never been able to break above the high point of the re-accumulation range this early after a halving. BTC has also never lost its re-accumulation range low as support post-halving. History suggests BTC should be able to hold here.”
The analyst also noted that although Bitcoin’s current cycle began faster than the previous cycle, it has since slowed down, making a more typical bull market more likely to occur.
“Typically, there is a longer bull market according to history. Bitcoin is continuing to decrease its rate of ascent within the re-accumulation range in this cycle. The rate has dropped from 260 days to 160 days.”
Finally, the analyst suggested that Bitcoin may be forming a descending channel pattern on the weekly chart as it retests the critical $60,000 support level.
“As BTC looks to retest its previous all-time high as support, it’s worth studying the way BTC is forming new patterns in this pullback. There might be a pattern emerging. Monitor as pullback develops.”
At the time of writing, Bitcoin was trading at $61,898, up nearly 4% in the last 24 hours.
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