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Cryptocurrency News Articles
Bitcoin Correction: Analysts See Buying Window Amid Extended Pullback
May 06, 2024 at 07:30 am
Amidst Bitcoin's volatile market, analyst Rekt Capital discerns the opportune time to acquire cryptocurrency. In his recent analysis, he identifies a prolonged correction interval exceeding the traditional 20% drop, signaling an opportune window for investment. Rekt Capital asserts that Bitcoin's decline is nearing its nadir and anticipates a potential bullish upswing aligned with historical halving cycles.
The Bitcoin market has experienced significant volatility in recent times, with some analysts suggesting that this may present an opportune moment for investors to acquire the cryptocurrency. Analyst Rekt Capital, in particular, has analyzed the patterns of correction intervals within the Bitcoin cycle and believes that the current correction may offer a favorable buying opportunity.
Rekt Capital's Analysis
Rekt Capital identified five major corrections within the Bitcoin cycle as of November 2022. These earlier corrections, which occurred following the bearish trend's low point in November 2022, ranged in depth from 22% to 23%. However, the ongoing correction, which commenced in April 2024 with an 18% decline, has exhibited a different trajectory.
Rekt Capital postulates that this current correction constitutes an extended correction interval, potentially the most significant in the cycle, surpassing the previous 23% correction. Historically, when Bitcoin has approached a 20% decline, it has typically provided a lucrative buying opportunity prior to a market rebound. As the current correction has exceeded 20%, Rekt Capital perceives it as an even more attractive buying opportunity than previous ones.
Moreover, Rekt Capital opines that the decline in Bitcoin's value is unlikely to reach a significant threshold, and should plateau around 24%.
An Extended Correction Period
Bitcoin's correction intervals have typically lasted between 21 and 63 days historically. The current correction, which has spanned 49 days since its onset in March, is now among the longest within the cycle, approaching the two-month mark. Rekt Capital believes this extended duration suggests that the correction may be nearing its nadir.
Rekt Capital also highlighted the significance of the period following the correction, which typically entails a phase of consolidation within the Bitcoin cycle. Despite concerns regarding the protracted nature of the current consolidation, Rekt Capital views it as an opportunity for Bitcoin to realign with historical halving cycles. This realignment could potentially lead to a bullish surge in the cryptocurrency's value from mid-September to mid-October 2025.
Conclusion
While there is no absolute certainty regarding the trajectory of Bitcoin's value during this corrective phase, historical data suggests that this period often presents a favorable buying opportunity. Additionally, some analysts, including Rekt Capital, believe that Bitcoin is poised for a potential upswing.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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