A closely watched analyst who rightly called Bitcoin’s pullback earlier this year reveals his most bearish scenario for BTC.
In a video update, pseudonymous analyst Rekt Capital tells his 90,500 YouTube subscribers that he is closely monitoring Bitcoin’s reaccumulation support at $60,000.
According to the analyst, a move below this level will likely lead to another capitulation for BTC.
“But if we don’t pass this low range here, this new test for the low range, we will have another period of buying and a downward deviation below this low reaccumulation range.
This is where a lot of people will capitulate, a lot of people will experience maximum pessimism and extreme fear.”
But Rekt Capital emphasizes that the fear, uncertainty and doubt (FUD) arising from a new supply breakdown is likely to present golden opportunities for long-term investors.
According to the analyst, Bitcoin has formed and broken a reaccumulation range during this bull market cycle.
“But all those emotions, all those combustible, fiery, extreme emotions precede financial opportunity. This has been the case not only in this case, but also in previous periods in the past throughout the cycle. This cycle has generally been one of reaccumulation ranges, all the way to the halving and new all-time highs.
History teaches us that this will be no different…
The main goal is for the price to simply finally regain the low range as support to rise to $70,000 for a challenge to break out of this reaccumulation range, ending the reaccumulation phase after the halving and finally moving into the parabolic upside phase after the halving. the cycle.”
At the time of writing, Bitcoin is trading at $63,654, up 3% on the day.
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