Satoshi

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Rekt

<p>Top analyst Rekt Capital has shared his perception of Bitcoin’s market position and potential future trajectory. In his newsletter, the analyst highlighted Bitcoin’s weekly close below the $60.6K support level, suggesting a possible breakdown.&nbsp;</p>
<p>However, Rekt Capital emphasizes that historical patterns suggest Bitcoin may not be ready for a breakout yet. The analyst points to trends after halving and higher timeframe analyses to provide a broader perspective on Bitcoin’s price action.</p>
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   <p lang="en" dir="ltr">New edition of the RC Newsletter is out! <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>Bitcoin – The Breakdown<br><br>In today's newsletter, we talk about the Re-Accumulation Range breakdown and where Bitcoin could go from here<br><br>Sign up here:<a href="https://t.co/T4cRMBv7of" target="_blank" rel="noopener noreferrer nofollow">https://t.co/T4cRMBv7of</a><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a></p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1810360668379308066?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 8, 2024</a>
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<h2 class="wp-block-heading" id="strong-bitcoin-s-price-action-raises-questions-strong"><strong>Bitcoin’s Price Action Raises Questions</strong></h2>
<p>Bitcoin recently closed its weekly candle below the $60.6K support level, which marks the lower boundary of a re-accumulation range established in late February 2024. This development has caught the attention of market participants and analysts alike.&nbsp;</p>
<p>Rekt Capital noted, <em>“Technically, this is the beginning of a breakdown, however it’s important to emphasise that a confirmed breakdown would only occur if BTC were to now rally to the $60,600 level and turn that level into new resistance.”</em></p>
<p>The analyst further explained that such price action is not uncommon for Bitcoin during re-accumulation phases. Throughout the current market cycle, Bitcoin has often dipped below range lows to grab liquidity before reclaiming support levels.&nbsp;</p>
<p>Consequently, the recent price movement could still prove to be a fake breakdown or a temporary deviation from the established range.</p>
<h2 class="wp-block-heading" id="strong-historical-patterns-suggest-patience-is-key-strong"><strong>Historical Patterns Suggest Patience is Key</strong></h2>
<p>Rekt Capital drew attention to Bitcoin’s historical behavior following halving events. The analyst pointed out that Bitcoin consolidates for up to 160 days after a halving before breaking out into a parabolic phase.&nbsp;</p>
<p>Bitcoin is only about 80 days after halving, suggesting that a breakout may still be some time away. <em>“Historically, Bitcoin tends to make fantastic gains in the months after the Halving,”</em> Rekt Capital stated.&nbsp;</p>
<p><em>“History suggests that, given that breakouts occur only some 160 days after the Halving, time-wise BTC isn’t ready for a breakout yet seeing as we’re only 80 days or so after the Halving.”</em></p>
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<p><strong><em>Read also: <a href="https://captainaltcoin.com/notcoin-surges-70-in-sluggish-market-heres-why-not-is-a-top-performer/" target="_blank" rel="noopener noreferrer nofollow">Notcoin Surges 70% in Sluggish Market – Here’s Why NOT is a Top Performer</a></em></strong></p>
<h2 class="wp-block-heading" id="strong-higher-timeframe-analysis-offers-perspective-strong"><strong>Higher Timeframe Analysis Offers Perspective</strong></h2>
<p>Looking at longer-term charts, Rekt Capital provided additional context for Bitcoin’s current market position. On the monthly timeframe, Bitcoin appears to be retesting the old all-time highs area as support, albeit in a volatile manner.&nbsp;</p>
<p>The crypto asset has held this level for four consecutive months, with the current price action representing a deviation below this support zone.</p>
<p>Furthermore, the quarterly chart shows a similar pattern. Bitcoin successfully retested its previous all-time high as support last quarter and is now attempting to do so again.&nbsp;</p>
<p>Rekt Capital noted, “<em>However, we are only 8 days into the current Quarter so while BTC has pulled back over the previous days, price still has over 2.5 months left until this pivotal Quarterly close is in.”</em></p>
<p>While price action in the short term may seem concerning to some, Rekt Capital’s analysis suggests that Bitcoin’s outlook in the long run remains intact.&nbsp;</p>
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<p>The post <a href="https://captainaltcoin.com/elite-crypto-analyst-predicts-where-bitcoin-price-is-headed-next-btc-still-not-ready-for-explosion/" rel="noopener noreferrer nofollow">Elite Crypto Analyst Predicts Where Bitcoin Price Is Headed Next – BTC Still ‘Not Ready’ for Explosion</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Elite Crypto Analyst Predicts Where Bitcoin Price Is Headed Next – BTC Still ‘Not Ready’ for Explosion

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