Bitcoin News

Bitcoin Correction Is Over and an Uptrend Has Kicked Off, According to Crypto Analyst – Here Are His Targets

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A crypto strategist who nailed the Bitcoin pre-halving correction this year thinks BTC is now entering an uptrend.

Pseudonymous trader Rekt Capital tells his 484,100 followers on the social media platform X that Bitcoin has convincingly broken out of a descending trendline on the daily chart.

“The Bitcoin downtrend is over. A new Bitcoin uptrend has begun.”

Source: Rekt Capital/X

The analyst believes that if Bitcoin flips the $65,000 level into support a new trading range will form with an upper bound of $71,500.

“The moment Bitcoin breaks $65,000 (blue) is the moment Bitcoin will form a new red cluster of price action Breaking $65,000 would mean price would be ready to move inside the $65,000-$71,500 region.”

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Source: Rekt Capital/X

The analyst also says that Bitcoin’s recent return to the $60,000 range suggests BTC could follow prior cycle patterns and soon soar to new all-time highs (ATHs).

“The reaccumulation range has successfully been reclaimed. The importance of this reclaim cannot be understated.”

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Source: Rekt Capital/X

The analyst recently said that with the reclaimed reaccumulation zone future Bitcoin dips would likely only be short-lived.

“Any dip, should one occur, would be Bitcoin’s way of reclaiming previously lost levels as new support. Any dips would act as a pivotal retest in ensuring further trend continuation to the upside. Just remember this on a future red day.”

Bitcoin is trading for $64,794 at time of writing, up nearly 2% in the last 24 hours.

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