A widely followed crypto analyst believes that Bitcoin (BTC) will likely hold current levels after briefly correcting into the $59,000 range.
Pseudonymous crypto trader Rekt Capital tells his 478,800 followers on the social media platform X that historical precedence suggests Bitcoin will likely continue trading in a range with a low of $60,000 on the weekly chart before breaking out.
“Bitcoin was never able to break the re-accumulation range high so early in the post-halving period. BTC has also never lost its re-accumulation range low as support in the post-halving period either. History suggests BTC should be able to hold here.”
The analyst also says that while Bitcoin’s current cycle started faster than prior ones it has since slowed, making a more typical bull run likely.
“Typically longer bull run is on the cards, as per history. Bitcoin continues to reduce the rate of acceleration in this cycle through this consolidation in the re-accumulation range. Rate of acceleration has already dropped from 260 days to 160 days.”
Lastly, the analyst suggests Bitcoin may be forming a downward channel pattern on the weekly chart as it retests the key $60,000 support level.
“As BTC looks to retest its old all-time high area as support again, it’s worth looking at ways in which BTC could form a new pattern on this retrace. At the moment, here’s a possible pattern that may be emerging. Monitoring as the retrace develops.”
Bitcoin is trading for $61,898 at time of writing, up nearly 4% in the last 24 hours.
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