Crypto Strategist Warns of Extended Correction for Bitcoin

A crypto strategist known for accurately predicting Bitcoin’s retracement earlier this year warns that BTC is signaling an extended corrective phase.

Pseudonymous analyst Rekt Capital shares insights with his 524,500 followers on the social media platform X, noting that BTC has broken through two critical support levels on the weekly chart. This suggests the end of its short-term uptrend.

Key Points:

• Weekly Support Lost: The loss of the weekly support signals potential for a multi-week correction.
• Trend Conclusion: Rekt states, “The five-week technical uptrend is over.”
• Transitioning Signals: Bitcoin shows signs of transitioning into a multi-week correction. Rekt adds, “Any relief rally could turn old supports into new resistance, confirming additional downside.”

Rekt emphasizes the flipping of previous support levels into resistance, reinforcing his bearish outlook on BTC. He projects that Bitcoin could reach the $90,000 price level, stating, “Old supports are acting as new resistance.”

Currently, Bitcoin is trading at $93,487.

Source: Rekt Capital/X