Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Rekt Capital signals end of Bitcoin decline

Rekt Capital signals end of Bitcoin decline

GrafaGrafa2024/10/24 02:30
By:Isaac Francis

Crypto analyst Rekt Capital has indicated that Bitcoin’s (CRYPTO:BTC) recent market decline could be nearing its conclusion, suggesting a shift toward a potential bull market. 

With over 506,000 followers on social media platform X, Rekt Capital pointed to Bitcoin’s price surpassing $69,000 last week as a possible signal of an approaching bullish phase. 

The analyst emphasised that Bitcoin’s weekly closes above critical resistance levels suggest that an upward movement might be sustainable. 

According to Rekt Capital, breaking through the red resistance zone within the downward channel could be a key indicator of a new uptrend, potentially transforming this resistance into a support level. 

This development would be significant for traders watching for a market reversal. 

The analyst noted that Bitcoin has tested its previous resistance zone, which may become a new support level if the test proves successful. 

This transition could spark a renewed upward momentum and signal the start of a broader bull market across the cryptocurrency landscape. 

Rekt Capital advised traders to keep a close eye on these market trends, as a successful breakout could lead to new all-time highs and mark the beginning of a fresh cycle for digital assets. 

The analyst’s observations align with historical trends where overcoming key resistance points has often preceded notable price surges. 

As Bitcoin’s downtrend appears to be reaching its final stages, surpassing the $69,000 level could indicate a shift in market dynamics. 

These changes may lead traders to reassess their strategies in anticipation of a potential bullish run, with broader implications for the overall crypto market.

At the time of reporting, the Bitcoin price was $66,703.17.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!