Rekt Capital expects BTC to be bearish in the short term with potential corrections

Crypto trader Rekt Capital shared on X that a bearish signal has been spawned by the formation of a bearish engulfing candlestick pattern on the BTC/USD weekly chart, Cointelegraph reported. The key to confirming the bearish trend will be the loss of the weekly support level. BTC is now technically in the seventh week of its price discovery phase, Rekt underscored, adding that this typically coincides with BTC corrections. “We know that Week 7 and Week 8 in Price Discovery have historically been corrective weeks,” Rekt stated.