October started well, but we haven't seen a price performance that meets expectations yet. On the other hand, Bitcoin may also initiate a major movement as it has been stuck in a narrow range for a long time
October started well, but we haven't seen a price performance that meets expectations yet. On the other hand, Bitcoin may also initiate a major movement as it has been stuck in a narrow range for a long time. An expert analyst has been sharing predictions about cryptocurrencies for many years and recently expressed his views on this matter.
Bitcoin Historical Data
There is a historical pattern from a four-year cycle to many on chain indicators. Investors hope that these models can continue to play a role in the future, just as they have successfully played a role in the past. However, this is not always the case; For example, last year we saw BTC fall below its previous bull market peak of $20000. The King of Passwords has never made such a mistake before.
However, abnormal situations can lead to abnormal results. Last year was an example of this. Nevertheless, some experts still use historical data to determine future price trends. Whether they will succeed will only be revealed at that time.
analystRektCapitalThe current market structure of Bitcoin is similar to the dynamics of 2019. In the recent price forecast, although the recent price trend shows the opposite, he still made a bearish prediction for BTC.
Will Bitcoin and Passwords Fall?
The decline in Bitcoin prices also means that the prices of cryptocurrencies are generally eroded. The figure below shows that at the end of 2019 and early 2020, Bitcoin traded within a narrow triangle, with a peak of $10000. Not long after, it broke through a resistance level and entered an unknown field.
However, we saw BTC prices subsequently fall below the key support level of $3250. RektCapital predicts that similar behavior will occur when prices approach the upper level of the current channel. If he is right, the price of Bitcoin may drop to $20000, then to $15000. The analyst also mentioned the following points;
The current Bitcoin market indicates that the price of Bitcoin is currently peaking in 2023. However, there may be an accumulation stage before it enters a parabolic upward trend
Although this analysis implies that Bitcoin holders will suffer short-term losses, RektCapital believes that long-term investors can view this as an opportunity.
In the next 6 months, we may see a final pullback to the bottom of $20000 and stronger upward fluctuations before halving. We may see such fluctuations before halving
Based on the current hash rate, the halving of Bitcoin block rewards is expected to occur in April 2024.
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