Bitcoin Price Bottom To Take Place In Q4 This Year, Crypto Expert Predicts
20 September 2022 - 12:05PM
NEWSBTC
Bitcoin price sliding deeper into the pit can likely happen before
this year ends. Last week, the cryptocurrency market shed $165
billion of its total market capitalization with crypto frontrunner
Bitcoin slumping into a bearish streak. With this development, both
traders and investors are now making conscious efforts to look
ahead of the leading digital currency’s possible bottom. Rekt
Capital, a well-known crypto trading expert, shared some insights
about what could be next for Bitcoin, saying that by the end of
this year the asset might just reach another low point. The expert
has taken into account the recorded movement of the crypto’s price
during a specific period right before the reward for mining its
block is cut in half – a process known in this space as halving. In
conclusion, Rekt Capital said Bitcoin might bottom in the last
quarter of this year, more than 500 days from its scheduled halving
in April 2024. Bitcoin’s Weakening Support Range In his blog, the
trading expert also discussed how the crypto alpha is showing
weakness as far as its $20K support price range is concerned. Rekt
Capital noted that the observed rebound from this particular
support price has been weak and this could turn out to be ugly for
Bitcoin as it points to the $20K barrier becoming the new
resistance range for the asset. If this happens, the public could
be looking at significantly lower support ranges, set at $17,165
and $13,900. The crypto aficionado, however, said a lot more could
happen within this month. But if the trend continues, these
theories could turn out to be realities that Bitcoin investors will
have to deal with. Related Reading: Bitcoin May Retest $20,000 Zone
Before It Drops To $18,000 Level Where Is Bitcoin Price Headed? If
Bitcoin will indeed form a bottom by the end of this year, where
will its price stand? Rekt Capital also shared his thoughts on the
matter. Using his Historical Death Cross Analysis, the expert was
able to determine that since its price is moving into a new
resistance, the leading digital currency might see its bottom
between $16,985 and $23,467. At press time, CoinGecko’s tracking
data indicate the maiden cryptocurrency is trading at $19,403.89,
losing 13.1% of its price in the last seven days. Meanwhile, the
asset’s price could slide further down to $11,500, falling well
below the projected $13,900 monthly support if things start to get
sideways. As for the short term, Bitcoin is seen to slump all the
way down to $16,700, but then that might not even happen. Related
Reading: Stellar (XLM) Shows Strong Recovery From Recent Slide BTC
total market cap at $370 billion on the daily chart | Source:
TradingView.com Featured image from Al Bawaba, chart from
TradingView.com (The analysis represents the author's personal
views and should not be construed as investment advice).
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