A cryptocurrency analyst and trader is saying Bitcoin (BTC) may have reached a market bottom after correcting down into the high $50,000 range.
The analyst pseudonymously known as Rekt Capital tells his 74,900 YouTube subscribers that Bitcoin’s latest correction is the cycle’s deepest, suggesting a further decline is unlikely.
[adinserter block="1"]“This single corrective period is now the deepest corrective period in this cycle to date. It has eclipsed the 23% corrective period that we saw in early 2023. This is now deeper than that. This is getting to even minus 24% territory. So, we now know this is the deepest retrace in this cycle.”
Given the relative degree of the correction, the analyst believes Bitcoin is most likely bottoming at these price levels and will start to rally once more. He also says another reason he believes the bottom may be in is because the correction is currently the second longest at about 50 days.
“I think there’s not much more downside left to go. So the risk-to-reward ratio here is definitely favoring the bulls in terms of getting to a bottom quite soon because we’re seeing retrace depth get to the point where it’s the deepest correction in this cycle…
We have a deep correction. We have a long correction. How much deeper can it be? How much longer can it go on for? We are getting really close to the bottom here just based on pullbacks in this cycle.”
Bitcoin is trading for $59,332 at time of writing, up more than 2% in the last 24 hours.
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