Renowned crypto analyst issues a cautionary message to traders predicting that Bitcoin (BTC) is likely to experience a further decline before it begins to rise again.

Using the pseudonym Rekt Capital, a prominent crypto trader, has informed his 476,200 followers on the social media platform X that the technical analysis of BTC indicates that the cryptocurrency has reached its local peak.

Rekt Capital states, “Bitcoin’s recent upward movements have culminated in a local top formation (depicted by the blue box) observed in recent months, with a new Lower High emerging (black).”

Analyzing BTC’s recent behavior, Rekt Capital notes a striking resemblance to a pattern witnessed earlier this year. He states, “The current series of Bitcoin price fluctuations (highlighted by the orange box) is beginning to mirror the local top formation from mid-March to mid-April.”

Reflecting on BTC’s historical data, Rekt Capital points out that the flagship cryptocurrency is simply following a trend where it struggles to break out immediately after halving events, which occur approximately every four years and slash miners’ rewards in half.

Rekt Capital comments, “The historical data shows that Bitcoin has historically failed to break out early in the Post-Halving period, as history has indicated.”

Looking ahead, the anonymous analyst predicts that Bitcoin is poised for significant gains in the future. He asserts, “The current pullback in BTC is designed to divert attention from the life-changing opportunities that the upcoming months hold.”

Just last week, the analyst hinted that BTC was on the verge of a monumental breakthrough. Currently valued at $66,600, BTC has experienced a 5% decline in the past 24 hours.

Stay informed by subscribing to receive email alerts directly to your inbox. Keep track of price movements and follow us on X, Facebook, and Telegram for the latest updates.

Disclaimer: The opinions expressed by The Daily Hodl do not constitute investment advice. Investors are urged to conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrencies, or digital assets. All transfers and trades are undertaken at the investor’s risk, and any resulting losses are the investor’s responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets and is not a financial advisor. Please be aware that The Daily Hodl engages in affiliate marketing.