BTC/USD 1-hour chart. Source: TradingViewAmong them was popular trader and analyst Rekt Capital, who reiterated that BTC/USD was in a “re-accumulation range” with price behavior to match.
“One of the key things to note about Bitcoin's Re-Accumulation Ranges throughout this cycle is this: Downside wicks below the Range Lows tend to occur to trick investors into a fake-breakdown before resuming into an uptrend,” heThe chart itself showed similar BTC price action at several points beginning at the pit of the 2022 bear market. Each time, price produced a local low before making significant enduring gains.
“Overall, I'm expecting this won't change for the coming months, but I think we're at the altcoin bottom.”Van de Poppe gave the areas around $52,000 and $45,000 as potential targets in the event of a deeper correction. The total altcoin market cap stood at $256.7 billion at the time of writing, up nearly 17% from two-month lows seen on April 13 but still struggling to break a strong downtrend.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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