This Is When Bitcoin Bottom Hits…According to Previous Bearish Cycles
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Answer This Is When Bitcoin Bottom Hits…According to Previous Bearish Cycles
Popular Twitter analyst and author of crypto newsletter Rekt Capital has shared his predictions about when the major cryptocurrency will reach its bottom line in this cycle.
According to analysts’ thoughts, and based on previous Bitcoin bottom crawls, he told Rekt Capital, the crypto market could bottom out in the last quarter of this year.
In 2015, Rekt Capital reported that Bitcoin fluctuated casually for 547 days before halving its value.
In 2018, it lasted a similar cycle of 517 days.
Thus, if we extrapolate these numbers to the current state of Bitcoin before the next halving in April 2024, the bottom should actually occur in the next quarter, the analyst concluded.
It is worth noting that Rekt Capital’s predictions focus specifically on Bitcoin and the occurrence of the Bitcoin mining reward halving.
What is important to note here is that just because bitcoin hits its lowest levels in the next quarter does not mean that growth will follow immediately after that.
It is just a guess.
Perhaps if you are convinced that Bitcoin and the rest of the cryptocurrency market is destined for unrestricted growth and prosperity, then there is no need to try to pounce on the perfect entry point.
Read:Bitcoin price returns to $50K level after 15 weeks
The analyst also expresses a similar opinion, adding that at this point, any purchases of bitcoin below $35,000 will yield long-term gains.
Bitcoin closed the week below the 200 WMA, which is clearly not good for the bulls.
Another negative factor for the cryptocurrency market was the S&P500, which continues to correct and is currently at the key support from $4,200-$4,180.
If the bulls do not hold this block, the bearish movement is expected to continue.
The situation is the same for Bitcoin.
Above $20,800, likely to open the way for a test of $20,000-$18,000.
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