Famous crypto analyst and strategist Rekt Capital warned investors that suitable buying opportunities for Bitcoin (BTC) have ended. The analyst, who correctly predicted the 2024 pre-halving correction, stated that Bitcoin is on the verge of reclaiming its consolidation range.
Analyst Believes Bitcoin’s Downward Trend Has Ended
In a statement on social media platform X, Rekt Capital highlighted that Bitcoin has historically shown strength after reclaiming its consolidation range. The analyst noted that this situation has repeated, saying, “The downward deviation has ended. The cheap buying period is over. Bitcoin is on the verge of confirming the weekly consolidation range.”
Additionally, the analyst mentioned that Bitcoin appears ready to challenge the diagonal resistance trend line that has kept its price down since March. According to the analyst, Bitcoin could overcome this resistance if it trades above a certain price region. A weekly close above $61,500 could confirm the start of an upward movement in this exit channel.
At the time of writing, Bitcoin was trading around $64,000, and Rekt Capital believes BTC has returned to an upward trend. The analyst expressed confidence that Bitcoin could maintain this momentum after recovering from a drop to $48,000 earlier this month.
Expects Bitcoin to Surpass $71,500
Warning investors one last time, Rekt Capital said, “The likelihood of BTC being rejected again at $71,500 is very low.” The analyst emphasized that a close above $64,500 in August would confirm the end of the high-timeframe downtrend.
The analyst noted that Bitcoin is currently struggling with a series of lower peaks (blue) on the monthly timeframe and that a monthly close slightly above current prices would break the trend line resistance, ending the downtrend.
