From the crypto analyst Rekt views he thinks that bitcoin is mirroring price action of august last year where he lost about 20% of it’s value. In a YouTube [session](https://dailyhodl.com/2023/02/15/bitcoin-flashing-august-2022-vibes-setting-up-for-downside-continuation-warns-top-crypto-strategist/) he said that the king crypto is setting itself up for a bearish movement in coming weeks if it fails to take out resistance price mark of $24k.

![FC6A9DA004F642BD925645893C1B7F4C.jpeg](https://i.imgur.com/DAAErjL.jpg)
[source](https://youtu.be/sD9049WJ9jM)

Looking at the price chart he said what we’re seeing from Bitcoin at the moment is we’re seeing descending level by level in confirmed two-step manner: [$23,000] breakdown, weekly candles below the key level, upside wick turned into resistance [before another] breakdown.

Rekt said that if bitcoin fails to reclaim this level of selling at $21,800 as a support we might continue to see a price decline in coming weeks. 

Failure to reclaim this level [$21,800] as a support is going to probably see downside continuation.

At the time of writing the primary digital asset is been traded at $24,739. 

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