Bitcoin (BTC) Retracement Warning Flashes as Pseudonymous Analyst Rekt Capital Eyes $90K Price Target

A crypto strategist known for accurately calling Bitcoin's retracement earlier this year warns that BTC is flashing signals that could lead to an extended corrective period.

A crypto strategist who called Bitcoin’s retracement earlier this year is warning that BTC is showing signs that could lead to an extended correction.

The pseudonymous analyst, known as Rekt Capital, tells his 524,500 followers on the social media platform that BTC decisively broke through two support levels on the weekly chart, suggesting that the short-term uptrend has ended.

According to the analyst, the price action suggests that BTC could be pausing for a breather in the coming weeks.

“The weekly support has been lost. The five-week technical uptrend is over (orange). Bitcoin is showing increasing signs of transitioning into a multi-week correction. Any relief rally, if at all needed, into these old supports could turn them into new resistance to confirm additional downside continuation.”

Rekt also notes that Bitcoin is flipping previous supports into resistance levels, which adds further weight to his bearish BTC outlook. The trader is now eyeing Bitcoin hitting the $90,000 price level.

“Old supports are acting as new resistance. As a result, technically, the breakdown has been confirmed. But the follow-through in bearish downside continuation ever since has been relatively limited thus far. $94,250 on the daily would need to be lost for the price to drop into the low $90,000s.”

At the time of writing, Bitcoin is trading at $93,487.