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.”
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.”
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.”
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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