Summary:
Crypto analyst Rekt Capital predicts a new Bitcoin uptrend has begun.
He believes Bitcoin has broken out of a descending trendline on the daily chart.
A new trading range could form with $65,000 as support and $71,500 as resistance.
Rekt Capital sees potential for Bitcoin to reach new all-time highs (ATHs).
Future dips in Bitcoin's price are expected to be short-lived and act as opportunities for further upward movement.
Bitcoin's Correction is Over, Says Crypto Analyst: New Uptrend Begins
A renowned crypto strategist, Rekt Capital, who accurately predicted Bitcoin's pre-halving correction earlier this year, believes that BTC has entered a new uptrend.
Analyzing the daily chart, Rekt Capital highlights Bitcoin's successful break out of a descending trendline, marking the end of the downtrend.
Bitcoin's New Trading Range:
Rekt Capital anticipates that if Bitcoin successfully flips the $65,000 level into support, it will establish a new trading range with an upper bound of $71,500. He believes that a break above $65,000 would signal Bitcoin's readiness to move within this range.
Historical Cycle Patterns & New All-Time Highs:
The recent return of Bitcoin to the $60,000 range suggests that it might follow prior cycle patterns and potentially reach new all-time highs (ATHs). Rekt Capital emphasizes the importance of the reclaimed reaccumulation range, which he believes indicates a strong potential for further upward movement.
Future Bitcoin Dips:
According to Rekt Capital, any future dips in Bitcoin's price would be short-lived and act as opportunities for the asset to reclaim previously lost levels as new support. These dips would serve as pivotal retests, further strengthening the trend continuation upwards.
Bitcoin's Current Price & Performance:
At the time of writing, Bitcoin is trading at $64,794, exhibiting a near 2% increase in the last 24 hours.
Important Note: Remember that the opinions expressed in this article are not financial advice. It is crucial to conduct thorough due diligence before making any investment decisions, especially in high-risk assets like cryptocurrencies.
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