Trader Warns of Bitcoin Reversal Likely Based on Historical Precedent, Updates Outlook for Chainlink
A widely followed crypto analyst says Bitcoin (BTC) may be on the verge of a final downtrend.
Crypto trader Rekt Capital tells its 355,900 followers on social media platform X that BTC is about to test its bull market support band.
“Bitcoin is now attempting to retest the bull market support band as support.
If successful, Bitcoin will likely reach the lower high resistance (blue) again.
But if history is any indication, BTC should not be able to stay above EMAs (exponential moving averages) for too long.”
Source: Rekt Capital/X
According to the analyst, BTC could potentially peak in the fall of 2025.
“If history repeats itself…
The next bull market peak could occur 518-546 days after the halving.
That’s mid-September 2025 or mid-October 2025.”
Source: Rekt Capital/X
Amid its predictions, Rekt Capital points out that any immediate downtrend could represent a last chance for BTC traders in the long term.
“If you think about it…
The next 140 days could be the last opportunity ever to buy low or even below $20,000.”
Source: Rekt Capital/X
At the time of writing, BTC is worth $27,383, down 2.7% in the last 24 hours.
In a nod to the blockchain oracle Chainlink (LINK), Rekt Capital expects the price of LINK to rise after some dip.
“The macroeconomic downward trend is over. But the macro area is not. If Chainlink cannot break through the high resistance area soon…
Further consolidation within the macro space is likely, which could allow a retest of the broken macro downtrend itself.”
Source: Rekt Capital/X
At the time of writing, LINK is worth $7.45, down 3.5% in the last 24 hours.
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