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.
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.
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).
Tags: bitcoinbitcoin tradingBTC pricesbtcusdcryptoFed hike
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