Bitcoin Analyst Believes Market Correction is Over

According to a well-known cryptocurrency analyst and trader, Bitcoin is no longer at risk of experiencing a further market correction. The analyst, who goes by the pseudonym Rekt Capital, has a large following of 76,900 subscribers on YouTube.

Rekt Capital explains that based on historical patterns, Bitcoin has left the phase known as the “danger zone.” This phase occurs after the halving event, when miners’ rewards are halved, and there is a possibility of the price dipping below its range low. However, Rekt Capital believes that this danger zone is now over and that Bitcoin has reached its correction bottom.

In terms of future price movement, Rekt Capital suggests that Bitcoin is now in a reaccumulation phase, where the digital asset tends to trade sideways. This phase is expected to continue for some time, with Bitcoin meandering between the range low of $60,000 and the range high of $70,000. Rekt Capital notes that this phase can last at least 150 days.

At the time of writing, Bitcoin is trading at $65,364, experiencing a slight decrease of more than 1% in the last 24 hours.

Please note that the opinions expressed in this article are not investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin or other cryptocurrencies. The Daily Hodl does not endorse the buying or selling of any digital assets and is not an investment advisor.