Is the Bitcoin (BTC) Price Correction Finally Over?

A crypto strategist who accurately predicted Bitcoin's pre-halving correction now believes BTC is entering an uptrend.

Pseudonymous trader Rekt Capital notes that Bitcoin has decisively broken a descending trendline on the daily chart, signaling the end of its downtrend and the start of a new upward movement.

#BTC

The Bitcoin Downtrend is over

A new Bitcoin Uptrend has begun $BTC #Crypto #Bitcoin https://t.co/cvSyIq7byI pic.twitter.com/A36rbafY25

— Rekt Capital (@rektcapital) July 16, 2024

Rekt Capital suggests that if Bitcoin can turn the $65,000 level into support, it will establish a new trading range with an upper limit of $71,500. Breaking the $65,000 mark would position Bitcoin to move within the $65,000-$71,500 region.

#BTC

The moment Bitcoin breaks $65,000 (blue) is the moment Bitcoin will form a new red cluster of price action

Breaking $65,000 would mean price would be ready to move inside the $65,000-$71,500 region $BTC #Crypto #Bitcoin https://t.co/yxOhRsmVU9 pic.twitter.com/TZMP37ufjx

— Rekt Capital (@rektcapital) July 16, 2024

Additionally, the analyst points out that Bitcoin’s recent return to the $60,000 range could indicate a pattern similar to previous cycles, potentially leading to new all-time highs. The reaccumulation range has been successfully reclaimed, which is a significant development.

Rekt Capital also mentions that with the reaccumulation zone reclaimed, any future Bitcoin dips are likely to be brief, serving as opportunities for BTC to establish new support levels and continue its upward trend.

Any dip would be a way for Bitcoin to reclaim previously lost levels as new support, ensuring further trend continuation to the upside.