Bitcoin (BTC) is set to bottom out later this year and recover in 2023, according to a popular crypto analyst.
In a new video update, Rekt Capital tells his 45,100 YouTube subscribers what to expect from King Crypto over the next six months.
Analysts look at previous market cycles in relation to the Bitcoin halving, which occurs when Bitcoin mining rewards halve every four years.
“About 450-400 days before the halving, the macro downtrend ends.
That’s it.
The end of a macro downtrend and the beginning of a new macro uptrend. And this coincides with leaving the accumulation range. “
Seeing this historical pattern, Rekt Capital predicts the next BTC market bottom in relation to the next planned halving.
“We will see a breakout to the new macro uptrend late in the first quarter of 2023. This also means we may bottom out in the fourth quarter of this year, possibly in November. I have.”
BTC is trading at $23,143 at the time of writing.
analyst too peak It looks like Chainlink (LINK), an Ethereum (ETH)-based oracle platform, has been spotted, confirming LINK’s recent breakout.
“LINK retested the top of the Falling Wedge as a support and confirmed the breakout.
All LINK needs now is a buy-side volume follow-through to ensure the trend continues above the $7.78 black resistance. “
Chainlink is up 6% last week and is currently at $7.68.
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