HomeCoinsBitcoinCrypto Analyst Points Bitcoin Warning, Says BTC on the Cusp of Repeating...

Crypto Analyst Points Bitcoin Warning, Says BTC on the Cusp of Repeating 2021 Bull Market Collapse

A intently adopted analyst is warning that Bitcoin (BTC) is forming a bearish sample final seen simply earlier than the crypto king collapsed in late 2021.

Pseudonymous analyst Rekt Capital tells his 350,800 followers on the social media platform X that Bitcoin could be very near breaking down from a bearish double prime sample.

In response to the crypto strategist, a sell-off occasion with elevated quantity would ignite the breakdown course of.

“BTC is on the cusp of validating its double top formation.

A breakout on seller volume and a convincing loss of ~$26,000 followed by turning it into new resistance would confirm the breakdown.” 

Image
Supply: Rekt Capital/X

Zooming out, Rekt Capital says that Bitcoin seems to be mirroring its late 2021 value motion when BTC ended its final bull market after breaking down from a double prime sample.

“In 2021, BTC formed two clear tops akin to a double top before forming the third top at a lower high.

Right now, it looks like BTC has once again formed two clear tops, akin to a double top, with a potential third top forming at a lower high.” 

Image
Supply: Rekt Capital/X

Rekt Capital says that the similarities prolong past BTC’s value motion. The crypto strategist highlights that key transferring averages are actually performing as resistance for BTC similar to in 2021.

“Because BTC is experiencing resistance at the bull market moving averages which are located around ~$27,000-$28,000.

These BTC moving averages are the green 21-week EMA (exponential moving average) and the blue 50-week EMA.

They are acting as resistance, much like they did in 2021.” 

Image
Supply: Rekt Capital/X

The analyst goes on to say that he expects Bitcoin to bounce yet another time earlier than breaking down and witnessing a deep corrective transfer near the $20,000 value space.

“The BTC 2021 fractal suggests BTC could soon form its third top at a lower high before rejecting there and finally losing ~$26,000 support.

After that, the fractal suggests that BTC would bounce but only to turn ~$26,000 into new resistance before rejecting lower.” 

Image
Supply: Rekt Capital/X

At time of writing, Bitcoin is price $25,850.

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Featured Picture: Shutterstock/ConceptCafe/Chuenmanuse

Supply: https://dailyhodl.com/2023/09/03/crypto-analyst-issues-bitcoin-warning-says-btc-on-the-cusp-of-repeating-2021-bull-market-collapse/

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