A crypto strategist known for accurately calling Bitcoin’s retracement earlier this year warns that BTC is flashing signals that could lead to an extended corrective period.
Pseudonymous analyst Rekt Capital tells his 524,500 followers on the social media platform X that BTC shattered two support levels on the weekly chart, suggesting that its short-term uptrend has come to an end.
According to the analyst, the price action indicates that BTC could take a breather in the coming weeks.
“The weekly support has been lost.
The five-week technical uptrend is over (orange).
Bitcoin is showing increasing signs of transitioning into a multi-week correction.
Any relief rally, if at all needed, into these old supports could turn them into new resistance to confirm additional downside continuation.”
Rekt also highlights that Bitcoin is flipping previous supports into resistance levels, lending more credence to his bearish BTC stance. The trader now sees Bitcoin hitting the $90,000 price level.
“Old supports are acting as new resistance.
As a result, technically, the breakdown has been confirmed.
But the follow-through in bearish downside continuation ever since has been relatively limited thus far.
$94,250 on the daily would need to be lost for the price to drop into the low $90,000s.”
At time of writing, Bitcoin is trading at $93,487.
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