Analyst Rekt Capital, one of the well-known names in the cryptocurrency world, suggests that Bitcoin may experience a potential decline in the coming weeks. lasted. He also updated his prediction on the popular altcoin Chainlink. Here are the details…
Rekt Capital, one of the leading analysts in the cryptocurrency world, has issued a series of warnings that Bitcoin may face some difficulties in the near future. The analyst based his opinion on technical analysis and examined Bitcoin’s historical price movements. According to the pseudonymous analyst, BTC may form a lower high in the coming weeks.
“BTC
At the same point in its cycle in 2019, BTC formed a lower high
“If BTC forms a lower high in the coming weeks, this will be further confirmation for a retest of a higher low later in the cycle.”
According to the analyst, BTC is currently in the bull market support band.
“BTC is back in the Bullish Market Support Band cluster of moving averages and is struggling to move beyond them.”
The analyst also shared a chart that he called an “update” regarding a potentially forming Bitcoin fractal.
“BTC
Bear Market Fractal update.”
BTC is trading at $26,409 at press time. The chart published by Rekt Capital highlights the risk of Bitcoin falling to $ 18,500. This means caution should be exercised about the future course of the market. However, the cryptocurrency market often has fluctuations that are difficult to predict, and analysts’ opinions are not always definitive.
Apart from BTC, Rekt Capital is also examining the popular altcoin Chainlink. The analyst argues that LINK has recently broken the downtrend and there may be room for upside.
“LINK
Chainlink broke the Macro Downtrend.”
At press time, LINK is trading at $7.70, up 11.6% over the past seven days.
You can follow the current price movement here.