Bitcoin’s price action is currently experiencing a downside deviation below the Range Low of its Re-Accumulation Range, sparking speculation about its next move. According to crypto analyst Rekt Capital, two potential scenarios could lead to a revisit of the $93,500 level. The question is not if but when Bitcoin will retest this critical price point, either by the end of this week or within the next 2-3 weeks.
In the first scenario, if the current downside deviation concludes as a downside wick, Bitcoin could swiftly recover to $93,500 by the end of the week. This would indicate a temporary market overreaction, where buyers step in to absorb the dip, leading to a rapid price recovery. The attached chart illustrates how similar wicks have previously led to swift rebounds, maintaining the overall bullish market structure.
The second possibility involves Bitcoin mirroring its post-halving deviation pattern, where weekly candle closes occur below the Re-Accumulation range. In this case, Bitcoin may revisit $93,500 as part of a post-breakdown relief rally over the next 2-3 weeks. This pattern is consistent with Bitcoin’s historical post-halving behavior, which often features price consolidations followed by significant upward movements.
Historical Patterns, Market Impact, and Bitcoin’s Future
The chart shared by Rekt Capital on X , highlights Bitcoin’s historical price patterns, emphasizing the importance of the Re-Accumulation Range in dictating future price movements. Previous cycles show that downside deviations are not uncommon, and they often precede substantial upward rallies. This historical context supports the likelihood of a retest of the $93,500 level.
Bitcoin’s potential revisit to $93,500 could significantly impact market sentiment and trading strategies. A successful retest would reinforce Bitcoin’s bullish outlook, potentially attracting new investors and encouraging existing holders to maintain their positions. Conversely, failure to reclaim this level could signal further downside, prompting cautious sentiment among traders.
Both scenarios presented by Rekt Capital suggest that Bitcoin is likely to revisit the $93,500 level, either as part of a quick recovery or through a more gradual relief rally. Investors are closely watching for weekly candle closes and market volume indicators to confirm the next trend. As Bitcoin continues to navigate this critical price zone, the crypto community remains alert to potential breakout or breakdown signals.
