As the cryptocurrency market continues to evolve, a widely followed crypto analyst believes that Bitcoin (BTC) will likely hold its current levels after a brief correction into the $59,000 range. Pseudonymous crypto trader Rekt Capital suggests that historical precedence indicates Bitcoin will likely continue trading within a range, with a low of $60,000 on the weekly chart, before eventually breaking out.
Bitcoin’s Resilience in the Post-Halving Period
According to Rekt Capital, Bitcoin has never been able to break the re-accumulation range high so early in the post-halving period. Additionally, the analyst notes that BTC has never lost its re-accumulation range low as support during this time. This historical pattern suggests that Bitcoin should be able to hold its current levels.
Slower Acceleration, Longer Bull Run Ahead
The analyst also points out that while Bitcoin’s current cycle started faster than previous ones, it has since slowed down. This trend aligns with historical data, which suggests that a more typical, longer bull run is likely on the cards.
“Typically longer bull run is on the cards, as per history. Bitcoin continues to reduce the rate of acceleration in this cycle through this consolidation in the re-accumulation range. Rate of acceleration has already dropped from 260 days to 160 days.”
Potential Downward Channel Pattern
Furthermore, the analyst suggests that Bitcoin may be forming a downward channel pattern on the weekly chart as it retests the key $60,000 support level. Rekt Capital is closely monitoring this potential pattern as the current retrace develops.
"As BTC looks to retest its old all-time high area as support again, it's worth looking at ways in which BTC could form a new pattern on this retrace. At the moment, here's a possible pattern that may be emerging. Monitoring as the retrace develops."
At the time of writing, Bitcoin is trading at $61,898, up nearly 4% in the last 24 hours. As the cryptocurrency market continues to evolve, it’s crucial to stay informed and analyze historical trends to better understand the potential trajectories of digital assets like Bitcoin.
