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
Bitcoin Has a High Probability of Reversing Upwards After Pullback, Says Crypto Analyst – Here’s Why

Bitcoin Has a High Probability of Reversing Upwards After Pullback, Says Crypto Analyst – Here’s Why

Daily HodlDaily Hodl2025/01/09 16:00
By:by Mehron Rokhy

A widely followed crypto analyst says that there’s a high chance that Bitcoin ( BTC ) reverses course after its latest pullback.

In a new strategy session, pseudonymous crypto trader Rekt Capital tells his 529,900 followers on the social media platform X that based on historical precedence, the crypto king should mount a recovery.

“Bitcoin started its current -15% pullback in week seven of price discovery. The timing of this retrace is in line with historical tendencies. It is the first price discovery correction of this cycle. As a result, it has a high probability of reversal.”

Price discovery is the process by which buyers and sellers determine the fair market value of an asset based on supply and demand, liquidity, and other factors.

Rekt Capital goes on to note that this type of pattern is a regular part of the top crypto asset by market cap’s historical cycle.

“In the 2013 cycle, it took six weeks of upside into Price Discovery before BTC experienced its first major correction in week seven. In the 2017 cycle, it took seven weeks of upside into price discovery before a first major retrace of -34%.

In week eight In the 2020/2021 cycle, BTC rallied six weeks into Price Discovery before BTC’s first meaningful pullback of -16%. And in this cycle, Bitcoin enjoyed upside until week seven before retracing -15%. Out of the ordinary? History says no.”

The trader then says BTC has rebounded nicely from its low support range and will occupy the $91,000 to $101,000 price range “until further notice.”

BTC is $93,803 at time of writing, a 1% decrease during the last 24 hours.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X , Facebook and Telegram

Surf The Daily Hodl Mix

Featured Image: Shutterstock/80’s Child/S-Design1689

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: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!