Crypto Analyst Sounds Alarm, Says Bitcoin Is Nearing 2021 Bull Market Collapse Redux

Pseudonymous analyst Rekt Capital says that Bitcoin BTC/USD is very close to breaking down from a bearish double-top pattern.

What Happened: In a post on X, the crypto analyst said that Bitcoin is forming a bearish pattern last seen just before the crypto king collapsed in late 2021.

#BTC is on the cusp of validating its Double Top formation

A breakout on seller volume and a convincing loss of ~$26,000 followed by turning it into new resistance would confirm the breakdown$BTC #Crypto #Bitcoin pic.twitter.com/bpc2OsnLmu

— Rekt Capital (@rektcapital) September 1, 2023

Rekt Capital said that Bitcoin is on the verge of confirming its double-top pattern.

According to the analyst, Bitcoin seems to be replicating its price movement from late 2021, a period during which Bitcoin concluded its previous bull market following a breakdown from a double-top pattern.

Also Read: Analyst Who Predicted May 2021 Crypto Crash Now Says Bitcoin Set To Surge To This Price By 2024

1.

In 2021, #BTC formed two clear tops akin to a Double Top before forming the third top at a Lower High

Right now, it looks like $BTC has once again formed two clear tops, akin to a Double Top, with a potential third top forming at a Lower High#Crypto #Bitcoin pic.twitter.com/1ts6PF91qz

— Rekt Capital (@rektcapital) August 31, 2023

The analyst also predicted that Bitcoin will experience one more rebound before eventually undergoing a significant corrective decline and near the $20,000 price range.

5.

The #BTC 2021 fractal suggests BTC could soon form its 3rd top at a Lower High before rejecting there & finally losing ~$26000 support

After that, the fractal suggests that BTC would bounce but only to turn ~$26000 into new resistance before rejecting lower#Crypto #Bitcoin pic.twitter.com/qYvj8wk9Pa

— Rekt Capital (@rektcapital) August 31, 2023

At the time of writing, Bitcoin was trading at $25,918.93, down by one percent in the last seven days.

Now Read: Crypto Analyst Confident About Bitcoin's Surge, But There's A Catch

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