The Trader Who Successfully Timed the Bitcoin Price Correction Before the Halving Reveals the Worst-Case Outlook
The most pessimistic scenario for Bitcoin (BTC) has been unveiled by a well recognized expert who accurately predicted its decline earlier this year.
Reporting to his 90,500 YouTube followers, anonymous analyst Rekt Capital says he's watching Bitcoin's reaccumulation support near $60,000 very closely.
The expert predicts that Bitcoin would likely undergo another capitulation event if prices go below this level.
However, a new round of bargain-buying and downward departure below the reaccumulation range low will ensue if we are unable to pass this range low retest.
At this point, a great many will give in, feel the worst possible despair, and be terrified to death.
Rekt Capital, however, points out that long-term investors will most likely benefit from the FUD (fear, uncertainty, and doubt) that will result from yet another range collapse.
This bull market cycle, the analyst claims, has seen Bitcoin establish and break out of reaccumulation ranges.
However, monetary opportunity follows all of those intense, volatile, passionate feelings. Not just in this instance, but it has also proven true for earlier ranges in the cycle. For the most part, this cycle has been one of reaccumulation ranges, reaching both new all-time highs and halves.
Looking at past events gives us the impression that this will be just like any other...
The primary objective is for the price to simply retake the range bottom as support and then rise above $70,000. Then, once the reaccumulation phase ends, the parabolic upside phase of the cycle may finally begin.
