Cryptocurrencies

Top Analyst: This Was the Bottom for Bitcoin


If you ask popular analyst Rekt Capital, Bitcoin has seen its bottom. He thinks that the correction, which took us to the level of $ 58,400 with Bitcoin, has now ended. Based on the price history of the digital currency, Rekt Capital predicts that we will remain in the current range on the weekly chart for a while.

According to him, the bottom is behind us, but we are not there yet.

Quiet period coming

If we can believe Rekt Capital, Bitcoin will continue to trade in the range we have been in for weeks now. From a historical perspective, this is not surprising, because according to the analyst, Bitcoin has never managed to break out of this range so early in the cycle.

According to the analyst, after the halving there is always some kind of post-halving re-accumulation period. A period when traders take advantage of the moderate price action and load their wallets with Bitcoin for the more explosive part of the bull run.

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Now there is of course no certainty that that explosive period will come, but based on the price history we can at least conclude that there is no reason for panic yet. That’s quite something, because many people are starting to become anxious because of the current Bitcoin price action.

We should also not forget that we saw a fantastic start to the half year. Never in history has Bitcoin managed to reach a new all-time high before the halving, as it did this year.

On the way to a normal bull run

This Bitcoin bull run started a lot faster than normal, but now we are starting to slow down. For that reason, Rekt Capital would not be surprised if we ultimately end up with a fairly “normal” cycle.

“Based on history, a more typical bull run still seems possible. Bitcoin continues to slow the pace of this cycle’s acceleration thanks to consolidation in the re-accumulation range.

The degree of acceleration has already fallen from 260 to 160 days,” the analyst said.

At the time of writing, the Bitcoin price is trading at $61,335 and calm seems to be slowly returning to the market. That doesn’t have to take long, because there is a very important inflation print scheduled for Friday in the United States.

Is it lower than expected? Then, in theory, Bitcoin could start to rise.

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