A widely followed crypto analyst is warning traders that Bitcoin (BTC) will likely fall further before rising again.
Pseudonymous crypto trader Rekt Capital tells his 476,200 followers on the social media platform X that BTC’s technicals has confirms that the crypto king has already seen its local top.
[adinserter block="1"]“It is confirmed
Bitcoin’s recent advances to the upside fed into a local topping structure (blue box) as seen in recent months
And a new Lower High has developed (black).”
According to the analyst, BTC’s movements are mimicking a pattern produced earlier this year.
“This current cluster of Bitcoin price action (orange box) is starting to resemble the mid-March/mid-April local topping structure.”
Looking into BTC’s past, Rekt Capital says the flagship crypto is simply following a historical precedent of struggling to break out immediately after the halvings which slash miners’ rewards in half roughly every four years.
“History prevails
Bitcoin was not able to breakout this early in the Post-Halving period, as history suggested.”
Now looking forward, the pseudonymous analyst says Bitcoin has greater gains to come.
“This current BTC pullback is supposed to distract you from the fact that the next months will be able to change your life forever.”
Last week, the analyst suggested that BTC was only days away from “a historic breakout.”
BTC is worth $66,600 at time of writing, down 5% in the last 24 hours.
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Featured Image: Shutterstock/Jorm S
