Bitcoin (BTC) Nears Bottom: Trader Predicts Limited Downside After Cycle’s Steepest Decline

  • A prominent cryptocurrency analyst, known as Rekt Capital, suggests that Bitcoin (BTC) may have reached its market bottom after a significant correction.
  • According to the analyst, this correction is the deepest in the current cycle, indicating that further decline is unlikely.
  • Bitcoin is currently trading at $59,332, showing a positive growth of over 2% in the last 24 hours.

Rekt Capital, a renowned cryptocurrency analyst, suggests that Bitcoin may have hit its market bottom, predicting a potential rally in the near future. Bitcoin is currently trading at $59,332, showing a positive growth of over 2% in the last 24 hours.

Bitcoin’s Deepest Correction in Current Cycle

Rekt Capital, who commands a following of 74,900 subscribers on YouTube, has stated that Bitcoin’s latest correction is the deepest in the current cycle. He believes that this indicates a further decline is unlikely. “This single corrective period is now the deepest corrective period in this cycle to date. It has eclipsed the 23% corrective period that we saw in early 2023. This is now deeper than that. This is getting to even minus 24% territory. So, we now know this is the deepest retrace in this cycle,” he said.

Predicting a Potential Rally

Given the relative degree of the correction, Rekt Capital believes that Bitcoin is most likely bottoming at these price levels and will start to rally once more. He also says another reason he believes the bottom may be in is because the correction is currently the second longest at about 50 days. “I think there’s not much more downside left to go. So the risk-to-reward ratio here is definitely favoring the bulls in terms of getting to a bottom quite soon because we’re seeing retrace depth get to the point where it’s the deepest correction in this cycle… We have a deep correction. We have a long correction. How much deeper can it be? How much longer can it go on for? We are getting really close to the bottom here just based on pullbacks in this cycle.”

Conclusion

With Bitcoin’s current trading price showing a positive growth of over 2% in the last 24 hours, it seems that the predictions of Rekt Capital might be coming true. As the cryptocurrency market continues to evolve, investors and traders are advised to conduct their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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