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An analyst, known as Rekt Capital, has shared insights suggesting a potential recovery or a lasting trend reversal in the Bitcoin and cryptocurrency markets. Communicating with his 499,300 followers on the social media platform X, he highlighted recent significant selling pressures faced by Bitcoin and other crypto assets. The End of Selling Pressure Approaches Rekt Capital believes that the current downward trend is unsustainable, hinting at an imminent bullish phase for the crypto market. He remarked on the market’s strong recent sell-off, suggesting that seller exhaustion is likely to occur soon. Access COINTURK FINANCE to get the latest financial and business news. The analyst pointed out that observing high selling volume bars is crucial in the short term. These volume bars often signal a market bottom after consistent selling, paving the way for a robust rebound or a complete trend reversal. Signs of Seller Exhaustion in Charts A closer inspection of the Bitcoin chart reveals a significant volume bar on the daily chart, which Rekt Capital identifies as an indicator of seller exhaustion. He noted that Bitcoin’s selling volume needs to hit a specific level to trigger an upward price reversal. Currently, this volume has not yet reached the levels seen in previous upward price reversals, suggesting that a turning point is near. Concrete Conclusions Based on Rekt Capital’s analysis, several key conclusions can be drawn: Bitcoin might soon reach a point of seller exhaustion, leading to a price recovery. High selling volume bars should be monitored as indicators of market bottoming. In the long run, Bitcoin is likely to remain in a bull market. Despite the ongoing price correction, Rekt Capital maintains that Bitcoin is in a long-term bull market. He mentioned that historical patterns suggest Bitcoin could continue in this bull phase for up to another year. At…

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Filed under: News - @ September 10, 2024 1:25 am