Bitcoin analyst Rekt Capital, known for accurately predicting downturns in the crypto market, has now revealed the worst-case scenario for BTC. With over 90,500 YouTube subscribers, the analyst stated that he is closely watching Bitcoin’s key support level of $60,000.
Support Level and Potential Drop
According to Rekt Capital, if Bitcoin drops below $60,000, it could trigger a significant capitulation event. He emphasized that breaking below this level could lead to a sharp market retreat, resulting in substantial losses for investors.
Pessimism Among Investors
“If this level is not tested, we will see a discount period and fall below the accumulation range,” the analyst warned. He added, “At this point, many will experience capitulation, maximum pessimism, and extreme fear.”
Market Opportunities
However, Rekt Capital also noted that such downturns present golden opportunities for long-term investors. He explained that Bitcoin has formed accumulation ranges during each bull market cycle, and, like in the past, the crypto could reach new all-time highs during this cycle.
“All of these emotions are signals of financial opportunities. History won’t offer anything different this time around,” the analyst said.
Rekt Capital believes that after reclaiming the $60,000 support, Bitcoin could climb to $70,000 and attempt to break through the upper boundary of that range. This process could signal the transition into the parabolic phase of the post-halving upward cycle.
Currently, Bitcoin is trading at $63,654, up 3%, as Rekt Capital continues to closely monitor market movements, advising investors to remain cautious.
Historical Perspective
Past data shows that Bitcoin has consistently experienced accumulation phases during each halving cycle, leading to new peaks. Rekt Capital suggests that this pattern may repeat, urging investors to pay close attention to market fluctuations.
In conclusion, Bitcoin investors should be prepared for potential market volatility. Strategic analysis and careful planning are essential in navigating the possible downturns ahead.
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Bitcoin, support level, Rekt Capital, accumulation range, capitulation
