An analyst, who is known for his accurate predictions, is making a bottom prediction for the leading crypto Bitcoin. In this context, the analyst points to the fourth quarter of the year.
When will Bitcoin bottom out compared to previous bear cycles?
cryptocoin.com Popular crypto analyst Rekt Capital, which you know from his news, shared his latest predictions about the leading cryptocurrency Bitcoin (BTC). The analyst explained his views on when Bitcoin will find the final bottom point in this cycle. In this context, the analyst is doing previous Bitcoin dips. Based on this, the leader says that crypto is likely to reach the minimum point in the fourth quarter of this year.
The analyst states that in 2015, Bitcoin circulated for 547 days before the halving. He also notes that a similar cycle lasted 517 days in 2018. Therefore, the analyst is adapting such figures to the current state of BTC before the upcoming halving in April 2024. As a result, he predicts a bottom to occur in the next quarter.
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 Rekt Capital’s forecast is based specifically on the Bitcoin halving. According to the general consensus, after the halving and the increasing complexity of mining BTC, BTC is actively growing. The analyst’s prediction that Bitcoin will likely bottom out in the next quarter does not mean that growth will follow immediately. This is just an estimate for a perfect bottom.
Perhaps you believe that Bitcoin and the rest of the crypto market are doomed to unlimited growth and prosperity. In that case, there’s no point in catching the perfect entry point. The analyst expresses a similar view. At this point, he adds that any Bitcoin purchase below $35,000 will bring long-term gains.
How is the leading crypto BTC right now?
Crypto analyst Gamza Khanzadaev points out the technical levels for Bitcoin. BTC closed the week below 200WMA. This is clearly not good for the bulls. Another downside factor for the crypto market has been the S&P500, which continues to correct and is currently holding key support between $4,200-4,180. If the bulls do not hold this block, the downside move is likely to continue. The situation is the same for Bitcoin. If it goes beyond $20,800, it will most likely test the $20,000 – $18,000 levels.
At press time, Bitcoin is trading just over $21,000, down 2.23% on a daily basis, according to data from CoinMarketCap. The leading crypto has lost more than 12% on a weekly basis. It is also about 70% off the all-time high of $69k.
