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Cryptocurrency analyst known as Rekt Capital has indicated that the current increase in Bitcoin, influenced by economic factors, may be temporary and not lead to the establishment of a new bullish cycle.
According to his assessment, the present market behavior resembles that of 2014, when short-term rebounds were followed by continued declines. The analyst anticipates a rise of 10–15% from recent lows but believes that the market may then resume its downward trend in search of a stable level.
“The situation is reminiscent of the descending triangle of 2014, where the price consolidated below its base. If a similar scenario unfolds, a level around $82,500 could serve as the upper boundary for Bitcoin,” he noted.
The analyst suggests that following the next decline, a prolonged consolidation phase may occur, potentially marking the bottom of the current bearish cycle.
“Bitcoin frequently enters extended periods of consolidation after declines. In 2018 and 2022, such phases coincided with the formation of a bottom. In 2014, the market established two consecutive lows. If a comparable scenario occurs, the current consolidation may precede another decline and a longer stabilization period,” Rekt Capital added.
In February, Rekt Capital stated that he does not expect Bitcoin to return above $93,000 before 2028.
