Bitcoin, which rose above $ 30,000 last week, started the new week with a decline and fell to $ 29,270.
While investors are panicking from this drop, popular analyst Rekt Capital said that this drop will be good for long-term bullishness.
Sharing on Twitter, the analyst stated that the recent decline in BTC will be positive for the long-term rise.
The analyst thinks that if the decline in BTC continues, retesting the $ 28,800 level would be healthy.
Adding a chart, Rekt Capital stated that BTC has a solid weekly close above the $28,800 support.
“Bitcoin has a solid weekly close above the $28,800 support (orange).
If this current decline continues and BTC drops further, retesting the $28,800 level would be healthy and positive for BTC.
After all, this level was resistance for a few weeks and now it may have a chance to become support.”
Gold of the Rekt Capital share added another BTC analysis. According to this analysis, Rekt Capital expects $33,000 in Bitcoin. However, the analyst said that he thinks the $28800 level should be consolidated before $33,000 comes in.
#BTC enjoys a solid Weekly Close above ~$28800 support (orange)
If this current dip is to get deeper, it would be entirely healthy for $BTC to retest ~28800
After all, that level was a multi-week resistance and now may have the chance to become support#Crypto #Bitcoin https://t.co/ZUMHMa7ukR pic.twitter.com/PCAzaIkAvV
— Rekt Capital (@rektcapital) April 17, 2023
*Not investment advice.
