A closely followed crypto analyst says Bitcoin (BTC) tends to shake traders out with false breakdowns before resuming its upward ascent.
In a new strategy session, Crypto Trader Rekt Capital tells His 532,600 followers on the social media platform
According to the analyst, Bitcoin has used failed breakdowns this cycle to lure traders into giving up their coins before starting the next leg up.
“This has yet to be true. Downside deviations below the range occur to mislead investors into a fake breakdown (orange circles) before resuming in an uptrend. ”
Rekt Capital continues to participation That the dips are all “reaccumulation” zones that eventually shoot to the advantage, given enough time.
The trader too notes That if Market Cap’s top crypto asset finds a weekly close above a key level, it could tear to a new all-time high.
“BTC needs a weekly close above $104,416 (red) to set up for a breakout to new highs. Weekly closes above the last major weekly resistance at this point in the cycle have historically preceded it. ”
Last week, Rekt Capital predicted that Bitcoin would break out after the correction. The trader also warned that a huge dip is in store for the flagship Digital Asset following the conclusion of its next big rally.
Bitcoin is trading at $99,019, up more than 5% on the day.
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