A well-liked crypto analyst is predicting that Bitcoin (BTC) will cross the $55,000 stage following one upcoming occasion as he warns of a near-term market correction.
In a brand new video replace, pseudonymous crypto dealer Rekt Capital tells his 45,600 YouTube subscribers that Bitcoin will seemingly repeat a historic sample after halving occasions, which happen each 4 years, and soar in worth simply months afterward.
The subsequent Bitcoin halving is scheduled for April 2024, when miners’ rewards are lower in half.
“Now we all know that Bitcoin tends to take pleasure in decrease costs previous to the halving. So, for those who have a look at this blue vertical being the pre-halving costs then in fact even this worth is decrease than these costs and these costs. Even the outdated all-time highs are decrease pre-halving costs than post-halving. And also you see this throughout time that we truly break past a serious all-time excessive resistance right here within the speedy months after the halving.
So the identical will occur right here post-halving. We’re going to interrupt the $55,000 area within the speedy months after the halving, as we’ve seen previously. So pre-halving costs are all the time going to be decrease than post-halving costs. And that’s simply been a cyclical factor, a cyclical recurring theme within the Bitcoin worth historical past.”
Within the close to time period, the analyst tells his 347,700 Twitter followers that he expects a market correction for Bitcoin.
Says Rekt,
“Even on BTC’s latest transfer up, the mini-parabola continued to behave as resistance.
BTC has since rejected and even misplaced the multi-day Increased Low (dotted blue).
Now at inexperienced help. Lose this inexperienced stage and orange might be subsequent over time.”
Taking a look at his chart, he exhibits that if Bitcoin loses help on the $29,887 stage the king crypto is probably going going to dip to $29,225.
At time of writing, Bitcoin is buying and selling for $29,750, down 0.7% within the final 24 hours.
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