Trader Who Nailed Bitcoin Pre-Halving Correction Says Bargain Period Has Ended for BTC – Here’s His Forecast

A crypto strategist who accurately called this year’s pre-halving Bitcoin correction believes the time to accumulate discounted BTC is over.

Pseudonymous analyst Rekt Capital tells his 494,700 followers on the social media platform X that Bitcoin is on the verge of reclaiming its reaccumulation range.

The trader shares a chart showing that Bitcoin has historically shown strength after reclaiming its accumulation range.

“History has repeated. The downside deviation is over. The bargain-buying period has ended.

Bitcoin is on the cusp of confirming a reclaim of its weekly re-accumulation range.” 

The crypto strategist also says Bitcoin looks primed to challenge its diagonal resistance that has kept BTC bearish since March as long as it trades above a key price area.

“Week one in the cross-channel ascent likely already underway, provided Bitcoin continues to stay above ~$61,500 going into the new weekly close.” 

With Bitcoin trading at $64,245 at time of writing, Rekt believes that “the uptrend has resumed” for BTC. The analyst thinks that Bitcoin is now in a position to sustain its ascent after capitulating to as low as $48,000 earlier this month.

“We’ll be very lucky if BTC rejects from $71,500 again.”

Zooming out, Rekt says BTC needs to close August above $64,500 to confirm the end of its high time frame downtrend.

“Bitcoin is now challenging the series of lower highs on the monthly timeframe (blue). Monthly close a little above current prices and Bitcoin would break the trendline resistance and the downtrend would be over.”

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price ActionFollow us on X, Facebook and TelegramSurf The Daily Hodl Mix

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE3

The post Trader Who Nailed Bitcoin Pre-Halving Correction Says Bargain Period Has Ended for BTC – Here’s His Forecast appeared first on The Daily Hodl.