A Prominent Analyst Remains Bullish on Bitcoin Despite Recent Correction

A well-known analyst and trader, operating under the pseudonym Rekt Capital, has expressed optimism about the future of Bitcoin (BTC) despite the current price being 21% below its all-time high. With a substantial following of 108,000 subscribers on YouTube, Rekt Capital believes that Bitcoin is still on track to enter its “banana zone,” a period characterized by rapid and explosive growth.

In a recent video shared with his audience, Rekt Capital reassured viewers that the recent correction in Bitcoin’s price is merely a temporary setback. He stated, “This is a blip within that banana zone that’s going to see us go higher into an additional uptrend continuation.”

The analyst emphasized that corrections are a normal part of Bitcoin’s price action, especially after breaking to new all-time highs. Drawing parallels to previous market cycles, Rekt Capital highlighted instances where Bitcoin experienced turbulence before reaching new milestones. He pointed out, “And in this cycle in the pre-halving period, we saw a six-to-seven-month corrective period after we actually rallied to new all-time highs… Same here in 2013, bumpy in and around the old all-time high region.”

Looking ahead, Rekt Capital outlined his expectations for Bitcoin’s future price movements once the parabolic uptrend resumes. He predicted, “Once this corrective phase ends, we’ll see another expansion phase price discovery number two. And then that second price discovery correction number two as well. And after that correction ends, we will see that final uptrend into a new all-time high into probably the bull market peak.”

Currently, Bitcoin is trading at $85,773 as of the time of writing.

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