Trader Says 42-Day Bitcoin Consolidation Has Concluded

IconCryptoNewsTerminal Staff15 Jul, 2024

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Trader Says 42-Day Bitcoin Consolidation Has Concluded

Pseudonymous cryptocurrency trader Rekt Capital, whose projections frequently appear in Crypto Briefing, recently declared on Twitter that "Bitcoin has finished its 42-day long, -25.6% correction." Rekt Capital's assertion is based on the recent completion of Mt. Gox repayments and the liquidation of Three Arrows Capital. These events have relieved downward pressure on the cryptocurrency market and contributed to Bitcoin's recovery. According to industry experts, the confluence of these factors suggests that the worst of the correction may be over. While the market remains volatile, some analysts predict that BTC could reach a new all-time high before the summer of 2024.