Bitcoin Warning: Analyst Predicts Multi-Week Correction as BTC Breaks Key Supports

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Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

Part of the Team Since

Sep 2022

About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

December 31, 2024

Bitcoin (BTC/USD), the leading cryptocurrency by market capitalization, faces potential headwinds as it struggles to sustain its recent gains. Pseudonymous crypto strategist Rekt Capital, known for accurately forecasting Bitcoin’s retracements, warns of a potential multi-week correction. BTC has broken below two critical weekly support levels, raising concerns about the continuation of its short-term uptrend.

Bitcoin’s Support Levels Turn Into Resistance

According to Rekt Capital, Bitcoin’s price action on the weekly chart shows increasing signs of a shift towards a prolonged correction phase. The analyst points out that BTC has flipped old support levels into resistance, a bearish signal that could lead to further downside movement.

“The weekly support has been lost. The five-week technical uptrend is over. Bitcoin is showing increasing signs of transitioning into a multi-week correction. Any relief rally into these old supports could turn them into new resistance,” says the strategist.

With Bitcoin currently trading at $93,956, up 0.29% over the last 24 hours, the cryptocurrency remains within range of the critical $92,000 support zone. Failure to maintain this level could result in a decline toward $90,000 or lower.

Daily Technical Outlook: Bitcoin Faces Key Levels

Bitcoin’s 4-hour chart reveals a triple-bottom pattern, providing temporary support near $92,000. Immediate resistance is noted at $95,234, followed by $96,860 and $98,361.

On the downside, support levels at $92,103 and $89,613 are crucial for bulls to defend.

Technical indicators suggest mixed momentum. Bitcoin is trading below its 50 EMA at $94,849, reflecting near-term bearish sentiment. Meanwhile, the RSI at 48.38 signals improving momentum, indicating potential for a bullish reversal if buying pressure increases.

Analyst’s Outlook: Caution Amid Uncertainty

Rekt Capital emphasizes that Bitcoin must reclaim the $94,250 level to prevent a sharper decline into the low $90,000s. However, the triple-bottom formation suggests resilience, with bulls likely to remain active near $92,000. Traders should monitor these key levels closely as BTC navigates this critical phase.

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