Is this the right time to buy bitcoin?
Mon 06 May 2024 ▪
3
min of reading ▪ by
With the volatility of the Bitcoin market, many observers believe that now is the time to buy the cryptocurrency. This is the case of analyst Rekt Capital. In his latest video, he breaks down the patterns of correction periods in the Bitcoin cycle.
A Good Time to Buy Bitcoin According to Rekt Capital
In November 2022, analyst Rekt Capital identified five major corrections in this cycle. The previous setbacks since the low point of the bearish trend in November 2022 vary from 23% to 22%. However, the recent correction in April 2024, which began with a decline of 18%, has plunged in a unique way. Rekt Capital considers this drop as a prolonged correction period, the most significant of this cycle, surpassing the previous 23% correction.
Rekt Capital argues that historically, when Bitcoin approached a drop of around 20%, it offered an excellent buying opportunity before a bounce. With the current correction exceeding 20%, he perceives it as a better buying opportunity than the previous ones. Moreover, he believes that the fall in Bitcoin’s value should not reach a critical threshold and that it should stop around 24%.
A Correction Much Longer Than Usual
Bitcoin’s correction periods have typically lasted from 21 to 63 days in the past. The current correction, spread over 49 days since March, is now one of the longest in the cycle. It is approaching the two-month mark. For Rekt Capital’s analyst, this is a sign that the correction could soon reach its lowest point.
He also emphasized the importance of the period after the correction, explaining that it’s a period of consolidation in the Bitcoin cycle. Despite concerns about the duration of the current consolidation, Rekt Capital sees it as an opportunity for Bitcoin to realign with the historical halving cycles. This realignment could potentially lead to a bullish peak in the value of cryptocurrency from mid-September to mid-October 2025.
There is no certainty about what might happen during this period of correction in the value of Bitcoin. Nevertheless, historically it is the right time to buy this crypto. Moreover, some analysts believe that Bitcoin is ready to take off.
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Diplômé de Sciences Po Toulouse et titulaire d’une certification consultant blockchain délivrée par Alyra, j’ai rejoint l’aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l’économie, j’ai pris l’engagement de sensibiliser et d’informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu’elle offre. Je m’efforce chaque jour de fournir une analyse objective de l’actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
