Bitcoin’s (BTC) recent decline may signal a change in direction. Bitcoin’s Price Action, Nevertheless, anonymous cryptocurrency trader Rekt Bitcoin Price Update Capital, who has 529,900 X followers, recently assured them in a strategy session that the crypto king should recover based on history.
Historical Price Discovery Pattern
Bitcoin started its -15% decline in week seven of price discovery. Previous retracements have followed this pattern. It starts this cycle’s price discovery adjustment. Thus, it’s likely to revert. Price discovery considers supply and demand, liquidity, and other market variables to determine an asset’s fair market value per Rekt Capital.
Bitcoin’s first substantial dip in 2013 occurred in week seven after six weeks of price discovery rises. Prices rose for seven weeks until the first large -34% correction in 2017. Bitcoin saw a six-week price discovery surge in the eighth week of the 2020–2021 cycle before its first severe -16% decline.
Bitcoin’s Weekly Retracement Pattern
According to Rekt Capital, Bitcoin’s price discovery cycles always climb and reverse around week seven. Bitcoin fell for the first time in 2013 in week seven after six weeks of increase. A 34% drop followed a seven-week spike in 2017. Bitcoin rose for six weeks before falling 16% in week seven of 2020–2021.
Bitcoin retraced 15% following week seven gains with this cycle. However, history suggests a reversal. After weeks of increasing, Bitcoin’s price discovery cycles always retreat around week seven. After six to seven weeks of gains, it fell 34% in 2017 and 16% in 2020. A Bitcoin Price Update This cycle, like others, predicts a reversal.
Bitcoin Price Forecast Stability
The trader then claims BTC has rallied nicely from its low support zone and will stay between $91,000 and $101,000 till further notice. Today, BTC is $93,803, down 1% in 24 hours. The trader believes Bitcoin (BTC) has recovered from low support levels and will continue between $91,000 and $101,000. The latest Bitcoin price is $93,803, down 1% in 24 hours. Despite the recent decline, the trader expects a BTC price rise.
Bitcoin’s price stability depends on regulatory developments, institutional adoption, and macroeconomic trends. While it remains volatile in the short term, increasing acceptance and advancements in blockchain technology may contribute to long-term price stability. Market maturity and broader adoption could help reduce extreme fluctuations in the future.
Summary
Despite the 15% downturn, crypto expert Rekt Capital predicts that Bitcoin (BTC) may resume its upward trend after substantial declines. This pullback typically occurs around week seven of the price discovery and is reminiscent of previous cycles, including 2013, 2017, and 2020–2021. With only small movements, barring major market changes, Bitcoin is expected to stabilize between $91,000 and $101,000.
