October has started off well, but we have yet to see a price performance that lives up to expectations. On the other hand, there is also a chance that Bitcoin could launch a big movement as it has been stuck in a tight range for so long. An expert analyst who has been sharing predictions about cryptocurrencies for years recently gave his thoughts on the matter.
Bitcoin historical data
There are historical patterns ranging from four-year cycles to many on-chain indicators. Investors hope that these patterns will continue to work in the future just as they have successfully worked in the past. However, this is not always the case; for example, last year we saw BTC fall below its previous bull run peak of $20,000. The king of crypto has never made a mistake like this before.
However, abnormal situations lead to abnormal results. Last year was one such example. Nevertheless, there are experts who use historical data to determine future price movements. Whether they will succeed or not, only time will tell.
Analyst Rekt Capital said that Bitcoin’s current market structure resembles the dynamics seen in 2019. In his recent price prediction, he made a bearish prediction for BTC despite the recent price trend suggesting otherwise.
Will Bitcoin and Crypto Fall?
The decline in Bitcoin prices also means that the prices of cryptocurrencies in general are eroding. The chart below shows that in late 2019 and early 2020, Bitcoin traded within a narrow triangle, peaking at $10,000. Soon after, it broke through a resistance level and entered uncharted territory.
However, we see that the BTC price subsequently fell below the critical support level of $3,250. Rekt Capital predicts that similar behavior will occur when the price approaches the upper level of the current channel. If he is right, the price of Bitcoin may drop to $20,000 and then $15,000. The analyst also said the following;
“The current Bitcoin market suggests that the price of Bitcoin is currently set to top out in 2023. However, there could be an accumulation phase before it enters a parabolic uptrend.”
While this analysis means short-term losses for Bitcoin holders, Rekt Capital believes that long-term investors can view this as an opportunity.
“Over the next 6 months, we may see an eventual correction to the lower $20,000 range and a stronger move to the upside before the halving. We may see such a move before the halving.”
Based on the current hash rate, the Bitcoin block reward halving is expected to occur in April 2024. #BTC #ETH #一起来跟单
