Crypto Strategist Predicts Bitcoin Has Reached Mid-Cycle Bottom

Crypto strategist predicts Bitcoin has hit mid-cycle bottom, signals end of post-halving downtrend

In a bold prediction that has caught the attention of the crypto community, a well-known crypto strategist who accurately predicted the Bitcoin pre-halving correction earlier this year now believes that BTC has reached a mid-cycle bottom.

Rekt Capital, a pseudonymous trader with a large following on social media platform X, shared a chart with his 483,500 followers that suggests Bitcoin’s post-halving downtrend has come to an end. According to Rekt, “The Bitcoin correction is over.”

To support his claim, Rekt points to Bitcoin successfully reclaiming its post-halving reaccumulation range. He also notes that Bitcoin has started a multi-week uptrend after breaking above a diagonal resistance that has kept the market bearish since June.

Furthermore, Rekt highlights that previous halving cycles indicate that Bitcoin is only 40.2% through its current bull market, suggesting that there is still significant upside potential for the leading cryptocurrency.

Addressing concerns about potential price dips in the near future, Rekt advises traders not to worry, stating that any dips would likely be Bitcoin’s way of reclaiming previously lost levels as new support. He emphasizes that these dips would be crucial for ensuring further trend continuation to the upside.

At the time of writing, Bitcoin is trading at $64,795, up nearly 6% in the past 24 hours and about 13% in the past week. Despite these gains, Bitcoin remains over 12% down from its all-time high of more than $73,700, which was reached on March 14th this year.

As the crypto market continues to show signs of recovery, Rekt Capital’s bullish outlook on Bitcoin’s mid-cycle bottom has sparked optimism among investors and traders. With the potential for further upside in the coming weeks, all eyes are on Bitcoin as it looks to resume its upward trajectory.