Bitcoin poised to break current downtrend, says analyst
Key Takeaways
- Bitcoin’s current price level might be the last buying opportunity before a significant rise.
- Historical retraces typically reach 22%, aligning with Bitcoin’s current pullback.
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Bitcoin (BTC) is nearing breaking the downtrend pressing its price down over June, according to the trader identified as Rekt Capital. Moreover, in a video published today, he shared that the current price level might be the last buying bargain before a parabolic upward movement.
Usually, the retraces reach 22% on average, indicating a local bottom. In an X post, Rekt Capital pointed out that the current pullback is “very, very close” to the 22% average.
Notably, this means that a bottom is practically formed, and it is a position from where Bitcoin could rise. Rekt Capital then adds that BTC is close to breaking its June downtrend, which is putting pressure on its price for the whole month.
“Let’s see if this current price action on the Daily continues to form this small, early-stage Bull Flag (orange). If this indeed turns into a Bull Flag, Bitcoin should be able to challenge the June Downtrend (light blue),” explained the trader.
Let's see if this current price action on the Daily continues to form this small, early-stage Bull Flag (orange)
If this indeed turns into a Bull Flag, Bitcoin should be able to challenge the June Downtrend (light blue)$BTC #Crypto #Bitcoin https://t.co/bSkRN2loqg pic.twitter.com/SWLQO1osdg
— Rekt Capital (@rektcapital) June 27, 2024
Nevertheless, the trader confirms in his video that a breakout for a parabolic upward movement is still set to happen in September. Therefore, even if Bitcoin breaks its current downtrend, the price leap would be just temporary.
Additionally, current support near the $61,000 price level should be maintained to confirm that this is, indeed, the last bargain opportunity to buy Bitcoin.
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Author: Gino Matos
