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 ... Read the full article for FREE at COINOTAG!
