A widely followed crypto analyst thinks Bitcoin (BTC) could be on the verge of stabilizing after a sizeable correction.
Pseudonymous crypto trader Rekt Capital tells his 482,500 followers on the social media platform X that BTC is showing positive signs of life after its most recent drop.
“Bitcoin is showcasing some initial signs of stability after the crash
And in doing so, it is creeping closer to the Downtrend (light blue)
This Downtrend will be challenged if the Bullish Divergence plays out.”
According to the analyst, BTC’s price breakdown is now showing signs that it’s finding support near the $57,000 mark.
“Bitcoin has managed to reclaim the purple level as support, despite the fake-breakdown.”
Finally, the analyst points out that BTC’s latest pullback is the second deepest of this bull run so far.
“This retrace is not just the deepest in the cycle thus far
But it is officially the second-longest retrace in the cycle as well (49 days).”
BTC is worth $57,480 at time of writing, up 3% on the day.
Last week, Rekt Capital suggested that traders may need to wait till next fall before BTC reaches its bull cycle peak.
“In the 2015-2017 cycle, Bitcoin peaked 518 days after the halving. In the 2019-2021 cycle, Bitcoin peaked 546 days after the halving.
If history repeats and the next bull market peak occurs 518-546 days after the halving… That would mean Bitcoin could peak in this cycle in mid-September or mid-October 2025.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X, Facebook and Telegram
Surf 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: Midjourney
The post ‘Fake Breakdown’? – Crypto Analyst Says BTC About to Challenge Downtrend After Showing Stability appeared first on The Daily Hodl.
