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Popular analyst on Twitter and author of crypto newsletters, “Rekt Capital,” shared his prediction about when the main cryptocurrency will find its final bottom in this cycle. Thus, according to the analyst’s thoughts, based on previous Bitcoin bottom crawls, the crypto market may reach its minimum in the fourth quarter of this year.
In 2015, the author reports, Bitcoin wandered for 547 days before halving. In 2018, a similar cycle lasted 517 days. Thus, if we extrapolate such figures to the current state of BTC before the upcoming halving in April 2024, the bottom should take place already in the next trimester, the analyst concluded.
In 2015, #BTC bottomed 547 days before the Halving
In 2018, $BTC bottomed 517 days before the Halving (discount March 2020 crash)
If Bitcoin is going to bottom 517-547 days before the upcoming April 2024 Halving…
Then the bottom will occur in Q4 this year#Crypto #Bitcoin
— Rekt Capital (@rektcapital) August 22, 2022
It is worth noting that the author’s forecast focuses specifically on Bitcoin halving. According to general consensus, it is after halving and increasing the complexity of mining that BTC is actively growing. It is no less important to understand that the author’s prediction that Bitcoin will probably bottom out in the next quarter does not mean that growth will follow immediately after. It is just a guess of a perfect bottom.
Perhaps if you are convinced that Bitcoin and the rest of the crypto market are destined for unrestrained growth and prosperity, there is no point in catching the perfect entry point. The analyst also expresses a similar opinion, adding that, at this point, any Bitcoin purchases below $35,000 will bring long-term gains.
What’s up with BTC right now?
Bitcoin closed the week below 200WMA, which is clearly not good for bulls. Another negative factor for the crypto market was the S&P500, which continues to correct and is currently at the key support of $4,200 – $4,180. If the bulls do not hold this block, a continuation of the downward movement should be expected.
The situation is the same for Bitcoin. Go beyond $20,800 and the price will most likely test the important $20,000-$18,000 level.