Bitcoin had Previously Correctly Predicted the Decline: Analyst Warns of Resistance and Price - Coin Bulletin

Rekt Capital, a crypto currency strategist and analyst who correctly predicted the correction of Bitcoin before the halving at the beginning of this year, stands out with his latest prediction.

Analyst Rekt Capital, with 523,400 followers on X, stated in his comments that Bitcoin is struggling to reclaim critical support levels on the weekly chart and is experiencing a downward trend in the short term while trading around $90,000.

On Monday, Bitcoin showed signs of a relief rally and then the price was rejected to almost new lows. On Tuesday, Bitcoin recovered again and returned to the old support level.

In general, it emphasized that as previously lost support levels continue to turn into new resistances, an additional decline could be expected.

On the other hand, he added that regaining these support levels would be a positive development for the bull market.

These corrections are normal in Bitcoin.

Rekt Capital, stated that the current correction in Bitcoin in recent weeks is historically not unusual in the bull market cycle and this could prepare the crypto asset for rallies:

Bitcoin is currently providing more confirmation for an additional drop and there is currently not enough reason for bullish signals. Bitcoin said that when it completes its historically corrective seventh, eighth, and ninth weeks, the opposite will be true. The Christmas period and this pullback can be considered as a gift.

Finally, the analyst argued that Bitcoin should complete an approximately 38% progress in the bull market cycle, based on previous cycles, and that the final stage is usually the most explosive phase.

Bitcoin bull market progression: 62% (Progression will accelerate in parabolic phase).