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Given the volatility in the Bitcoin market, many observers believe now is the time to buy Bitcoin. This is the case for analyst Rekt Capital. His latest video details the pattern of correction periods in the Bitcoin cycle.
Good time to buy Bitcoin according to Rekt Capital
In November 2022, analyst Rekt Capital identified five major corrections in this cycle. The previous decline since the bear trend low point in November 2022 was 23% to 22%. However, the recent correction in April 2024 began with an 18% decline, a uniquely steep drop. Rekt Capital believes this decline is a prolonged period of correction, the most significant of the cycle, exceeding the previous 23% correction.
Rekt Capital argues that historically when Bitcoin approaches a decline of around 20%, there has been a great buying opportunity before it rebounds. The current correction is over 20%, which he sees as a better buying opportunity than in the past. Furthermore, he believes that the decline in Bitcoin value should not reach a critical point and should stop at around 24%.
Fixes that are significantly longer than normal
Historically, Bitcoin correction periods have typically lasted between 21 and 63 days. The current correction has been spread over 49 days since March, making it one of the longest in the cycle. The 2 month milestone is approaching. For analysts at Recto Capital, this is a sign that the correction could soon reach its lowest point.
He also emphasized the importance of the post-adjustment period, describing it as a consolidation period for the Bitcoin cycle. Despite concerns about the duration of the current consolidation, Rekt Capital sees this as an opportunity for Bitcoin to realign to its historic halving cycle. This rebalancing could lead to a bullish peak in the value of cryptocurrencies from mid-September to mid-October 2025.
There is no certainty as to what will happen during this period of correction in Bitcoin's value. Nevertheless, historically it is the best time to buy this cryptocurrency. Additionally, some analysts believe that Bitcoin is poised for widespread adoption.
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Disclaimer
The views, ideas and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please do your own research before making any investment decisions.
