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.”
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