A popular crypto analyst says that Bitcoin (BTC) expected to bottom out later this year, before bouncing back in 2023.
In a new video update, Rekt Capital tells its 45,100 YouTube subscribers what to expect from the crypto king over the next six months.
The analyst looks at past market cycles related to bitcoin halvings, which occur when BTC mining rewards are halved every four years.
“Roughly 450 to 400 days before the halving event, we see the end of the macro downtrend.
It’s all about this.
A macro downtrend ends and a new macro uptrend begins. And this coincides with exiting the congestion area.”
Looking at this historical pattern, Rekt Capital predicts the next bottom for the BTC market in relation to the next scheduled halving.
“We will see a breakout into a new macro uptrend late in Q1 2023. It also means that we will likely see a bottom in the fourth quarter of this year, maybe even in November.”
BTC is trading at $23,143 at the time of writing.
“LINK successfully retested the top of its falling wedge as support and confirmed the breakout
All LINK needs now is buy-side volume tracking to see trend continuation above the black Resistance above $7.78.”
Chainlink is up 6% over the past week and is currently at $7.68.
Featured image: Shutterstock/Giovanni Cancemi/Sensvector
Source: Crypto News Deutsch