What’s The Worst Case Scenario For Bitcoin Right Now? Analyst Explains

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What’s The Worst Case Scenario For Bitcoin Right Now? Analyst Explains - NewsBTC

Quick Summary:

Rekt Capital put the Bitcoin price pullback in a historical perspective, underscoring the historical importance of weeks 6, 7, and 8 in a "price discovery uptrend.” Drawing upon past cycles such as 2013, 2016–2017, and 2021, he explained that Bitcoin has a strong tendency to correct during these specific windows, with some dips reaching as steep as 34% or even higher.

Examining the price action of the last few days, Rekt Capital pointed out the emergence of a bearish engulfing candle in the weekly timeframe—a technical indicator often associated with potential reversals.

"Understanding these weeks is crucial because they tend to be problematic for Bitcoin,” Rekt Capital stated, referencing past cycles where significant downturns occurred within this timeframe.