A crypto strategist known for accurately calling Bitcoin’s retracement earlier this year warns that BTC is sending signals that could lead to an extended correction period.
Pseudonymous analyst Rekt Capital tells his 524,500 followers on social media platform
According to the analyst, the price action indicates that BTC could take a breather in the coming weeks.
“The weekly support has disappeared.
The five-week technical uptrend is over (orange).
Bitcoin is showing increasing signs of moving into a multi-week correction.
Any revival of these old supports, if at all necessary, could convert them into new resistance, confirming further downward continuation.”
Rekt also highlights that Bitcoin is reversing previous support to resistance levels, lending more credence to his bearish BTC stance. The trader now sees Bitcoin reaching the $90,000 price level.
“Old support measures act as new resistance.
As a result, the malfunction has been technically confirmed.
But the fallout from a bearish downside continuation since then has been relatively limited so far.
$94,250 per day would have to be lost for the price to drop to the low $90,000s.”
At the time of writing, Bitcoin is trading at $93,487.
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Generated image: Midjourney
