An analyst who nailed the pre-halving Bitcoin correction believes BTC and crypto are close to witnessing either a bounce or a sustained reversal.
Pseudonymous analyst Rekt Capital tells his 499,300 followers on the social media platform X that Bitcoin and crypto have been seeing strong selling pressure as of late.
The analyst thinks that sellers will not be able to maintain the downward pressure for long, opening the doors for crypto bulls to pounce on the market.
“Strong market-wide selling as of late. Seller exhaustion is likely on the horizon.
Watch for high sell-side volume bars in the short term. These tend to signal bottoming out after constant selling and precede either a strong bounce or a full trend reversal.”
Looking closer at BTC’s chart, Rekt Capital says one solid sign of seller exhaustion is a massive volume bar on the daily chart.
“Bitcoin’s sell-side volume needed to be large enough to enter this orange box to reach seller exhaustion levels and in turn kickstart a price reversal to the upside.
At the moment however, sell-side volume hasn’t yet reached seller exhaustion levels seen at previous price reversals to the upside (orange box on volume).”
Despite the latest price correction, Rekt Capital believes that Bitcoin remains in a long-term bull market.
“History suggests Bitcoin has a ~year left in its current bull market, at most.”
At time of writing, Bitcoin is trading for $55,102.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
