Cryptocurrency analyst and enthusiast, Rekt Capital, has recently shared his projections on the potential directions for Bitcoin’s price in light of the upcoming fourth BTC Halving. In his YouTube predictions video, Rekt Capital discusses the “next possible steps” for BTC, specifically focusing on a breakout from its macro downtrend. Drawing a comparison to past trends, Rekt Capital highlights the reaccumulation range that formed prior to the halving event in the 2015-2016 period.
Rekt Capital identifies similarities between the current 2023-2024 period and the 2015-2016 period. One key factor contributing to this similarity is the reaccumulation that formed a few months before the halving. This reaccumulation range break triggers a potential retracement, as indicated by historical data. However, Rekt Capital emphasizes that these retracements are often brief.
Rekt Capital suggests a scenario in which Bitcoin experiences a retreat after breaking out of the reaccumulation range. Drawing an analogy to the 2015-2016 cycle, he highlights a comparable rejection from a resistance level prior to the halving as a potential contributing factor to this retreat. While retracements are expected, Rekt Capital states that this retreat represents the “last opportunity” before a price increase for Bitcoin.
According to Rekt Capital, after the speculated retreat, Bitcoin’s price is predicted to surge and establish the $46,000 level as a new support level. From there, Bitcoin could potentially reach its old all-time high. Rekt Capital even suggests that the price may surpass this level, putting Bitcoin on a path to a new all-time high.
Samson Mow, the CEO of Pixelmatic, has recently highlighted the factors that contribute to Bitcoin’s value. According to Mow, Bitcoin’s value is amplified by scarcity, utility, and the failure of fiat currencies. He specifically dismisses the significance of BTC Spot Exchange-Traded Funds (ETFs) in contributing to the token’s value. Mow’s comments were a response to CNBC’s Jim Cramer, who claimed that the approval of BTC ETFs led to a decline in price. Mow counters this by stating that many institutional investors, such as BlackRock and Fidelity, have accumulated large amounts of Bitcoin.
It is important to note that the information provided in this article is for educational purposes only. The opinions expressed by Rekt Capital and Samson Mow do not necessarily represent the views of NewsBTC. As with any investment, there are risks involved, and it is advised to conduct personal research before making any investment decisions. Use the information provided in this article at your own discretion and risk.
Leave a Reply