Cryptocurrency analyst RektCapital stated that the current Bitcoin market structure mimics the trend at the end of 2019. In recent price forecasts, he believes that Bitcoin prices will be bearish, despite recent price trends indicating the opposite
Cryptocurrency analyst RektCapital stated that the current Bitcoin market structure mimics the trend at the end of 2019. In recent price forecasts, he believes that Bitcoin prices will be bearish, despite recent price trends indicating the opposite.
Analysts expect Bitcoin to fall to $20000 in a bear market
The following figure shows that at the end of 2019 and early 2020, Bitcoin was traded in a narrow triangle mode, with a peak of $10000. It quickly broke through resistance levels and entered unknown fields.
However, the trend of price breakthrough was short-lived, as BTC subsequently fell below the key support level of $3250. RektCapital predicts that similar behavior will occur when prices approach the higher levels of the current channel.
If the prediction is correct, Bitcoin may return to $20000 or fall to the lowest point of the current cycle of $15000.
The current Bitcoin market shows that BTC prices are currently at their highest level in 2023. But after the price drops, there may be an accumulation period before reaching a parabolic upward trend (green).
Long term Bitcoin price prediction
Although this analysis suggests that Bitcoin holders may suffer short-term losses, RektCapital believes that this will benefit those who participate in the long term. This pullback may only be the latest to reach the previous level of $20000.
RektCapital concludes, "The upcoming halving of Bitcoin may lead to prices reaching ATH
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