Trader Updates Bull Market Outlook, Says Bitcoin Downtrend Now Over After Successful Reclaim of Critical Range

A crypto strategist who nailed the Bitcoin pre-halving correction this year thinks BTC has carved a mid-cycle bottom.

Pseudonymous trader Rekt Capital shared a chart with his 483,500 followers on the social media platform X that he says suggests the top crypto asset’s post-halving downtrend has come to an end.

“The Bitcoin correction is over.” 

To support his stance, Rekt argues that BTC “has successfully reclaimed its post-halving reaccumulation range.”

The analyst also says that Bitcoin has kicked off what he thinks will be a multi-week uptrend after BTC broke above a diagonal resistance that has kept the market bearish since June.

Additionally, Rekt notes that previous halving cycles indicate that BTC is only 40.2% through its current bull market.

The analyst also tells traders not to be concerned with price dips in the near future.

“Any dip, should one occur, would be Bitcoin’s way of reclaiming previously lost levels as new support. Any dips would act as a pivotal retest in ensuring further trend continuation to the upside. Just remember this on a future red day.”

Bitcoin is trading at $64,795 at time of writing and is up nearly 6% in the past 24 hours and about 13% in the past week.

Despite its price gains in the past seven days, Bitcoin is still over 12% down from its all-time high of more than $73,700, which it set on March 14th this year, according to CoinGecko.

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