Bitcoin Price Bottom To Take Place In Q4 This Year, Crypto Expert Predicts


It is likely that the Bitcoin price slide deeper into the hole before the end of this year.

Last week, the cryptocurrency market lost $165 billion of its total market capitalization with the leading cryptocurrency Bitcoin falling into a bearish streak.

With this development, both traders and investors are now making conscious efforts to consider the potential bottom of the leading digital currency.

Rekt Capital, a well-known expert in cryptocurrency trading, shared some thoughts on what could be next for Bitcoin, saying that by the end of this year, the asset could reach another low point.

The expert took into account the recorded movement of the cryptocurrency price over a specific period right before the block mining reward was halved – a process known in this space as halving.

In conclusion, Rekt Capital said that Bitcoin could decline in the last quarter of this year, more than 500 days from its scheduled halving in April 2024.

Bitcoin Weak Support Range

On his blog, the trading expert also discussed how the alpha crypto is showing weakness in relation to the $20K support price range.

Rekt Capital noted that the marked bounce off this support price was weak and could turn ugly for Bitcoin as it signals that the $20K barrier becomes the asset’s new resistance range.

If this happens, the public can look for much lower support ranges, set at $17165 and $13900. However, crypto enthusiasts said that a lot could happen during this month. But if the trend continues, these theories may turn into facts that bitcoin investors will have to deal with.

Where is the bitcoin price headed?

If Bitcoin is really going to bottom by the end of this year, where will its price be? Rekt Capital also shared his thoughts on the matter.

Using the historical analysis of the death cross, the expert was able to determine that as its price moves to a new resistance, the leading cryptocurrency could see its bottom between $16,985 and $23,467.

At press time, CoinGecko’s tracking data indicates that the number one cryptocurrency is trading at $1,9403.89, having lost 13.1% of its price in the past seven days.

Meanwhile, the asset’s price could drop further to $11,500, falling well below the expected $13,900 monthly support if things start to go awry.

In the short term, Bitcoin is expected to drop all the way to $16,700, but then that may not happen.

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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