Popular Analyst Rekt Capital Warns: Bitcoin’s Price Discovery Process is Just Beginning!

Market Outlook

Rekt Capital also draws attention to the fluctuations experienced by Bitcoin in previous bull markets. Talking about the price discovery periods that lasted eight weeks in 2017 and approximately six weeks in 2013, the analyst says that we are only in the second week of the current market. The analyst suggests that this trend may continue, pointing out that Bitcoin’s upward movement may continue.

Rekt Capital also shared its potential price predictions with its 506,600 followers on social media platform X. He noted that in a chart from 2020, Bitcoin recorded a 106% increase in its fourth week. If this scenario is repeated, Bitcoin could reach $96,500 by the end of the year, according to the analyst. “This is the first wave of price discovery in this cycle,” Rekt Capital said. In previous waves, there were corrections following price discovery. “Now there may be an upward movement for a few more weeks for the trend to continue,” he said.

Bitcoin is trading at $87,865 at the time of writing. This crypto asset, which has the highest market value, reached a new record high on Monday, surpassing $ 89,800.

Social Media Reflections

In the charts shared on the X platform, Rekt Capital predicts the future movements of Bitcoin based on its past performances. The analyst advises investors to closely monitor market movements.

Rekt Capital’s analysis suggests that Bitcoin’s current uptrend can be sustained. However, considering the volatile nature of crypto markets, investors are reminded that they should be cautious.

The analyst advises investors to be careful about high-risk crypto investments and do their own research. He emphasizes that one should be prepared for sudden changes in crypto markets.

In summary, this accumulation period for Bitcoin looks promising for potential future upsides. However, it is critical for investors to make informed decisions by closely monitoring market dynamics.