The post Bitcoin’s Worst Case Scenario Explained appeared first on Coinpedia Fintech News
Popular analyst Rekt Capital took to his latest analysis and discussed the potential worst-case scenarios for Bitcoin, focusing on two main perspectives: the downtrending channel and the reaccumulation structure.
Downtrending Channel
Bitcoin is currently in a downtrending channel, which has an upper resistance line and a lower support line. Recently, the price rejected from the top but reclaimed the bottom as support. This is important because it shows that the previous downtrend might be reversing.
Historically, this lower support area has been a good buying opportunity. If Bitcoin can hold above this support and reclaim the $64,000-$65,000 range, it could signal a potential rally. Previous rejections from the channel top have become shallower over time, suggesting that the resistance is weakening.
Reaccumulation Phase
In addition, Bitcoin is in a reaccumulation phase that has last
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