Bitcoin (BTC) 
$89,403 is currently experiencing one of the longest accumulation periods in its history. Renowned crypto analyst Rekt Capital notes that Bitcoin is closely monitoring this phase. In a recent video aimed at his 93,400 subscribers on YouTube, he highlighted that Bitcoin underwent an uninterrupted price discovery phase for four weeks during the 2021 bull market, which concluded with the first correction.
Market Outlook
Rekt Capital also draws attention to the fluctuations Bitcoin experienced during previous bull markets. He mentions price discovery periods lasting eight weeks in 2017 and approximately six weeks in 2013, asserting that we are currently in the second week of the present market. The analyst suggests that this trend could continue, indicating further upward movement for Bitcoin.
He shared potential price predictions with his 506,600 followers on the social media platform X. Referring to a chart from 2020, he noted that Bitcoin had recorded a 106% increase in its fourth week. If this scenario were to repeat, the analyst believes Bitcoin could reach $96,500 by the end of the year. He stated, “This is the first price discovery wave of this cycle. Previous waves were followed by corrections. There could be several more weeks of upward movement to maintain the trend.”
Social Media Reactions
Through the charts shared on X, Rekt Capital predicts future movements based on Bitcoin’s past performances. He advises investors to closely monitor market movements.
Rekt Capital’s analyses suggest that Bitcoin’s current upward trend may be sustainable. However, considering the volatile nature of cryptocurrency markets, he urges investors to remain cautious.
The analyst recommends that investors exercise caution regarding high-risk crypto investments and conduct their own research. He emphasizes the need to be prepared for sudden changes in the crypto markets.
