A widely followed crypto analyst is mapping Bitcoin’s (BTC) most likely moves as the king crypto approaches a halving next year.
Pseudonymous crypto trader Rekt Capital tells His 357,300 followers on the social media platform
“BTC
Whether Bitcoin will break out soon
Or will break soon
History suggests that Bitcoin will still enter the halving around $30,000.”
More immediately, Rekt Capital say BTC has found some support.
“BTC has rejected the Lower High resistance
But now hold the Bull Market Support Band cluster of moving averages as support.”
Despite a slight rally in early October, the analyst said say BTC has regained most of its gains.
“BTC
In October, the price rose +5%, but most of the movement was recovered.
Historically, we have seen gains of up to +8% above a key monthly resistance.
If BTC Monthly closes below black this month -> rejection.
However, claim it back as support and BTC will move higher.”
Regardless of which step BTC takes next, Rekt Capital repeats his belief that BTC will be valued at around $30,000 in April 2024, the expected date for the next halving.
“BTC
The year before the halving typically experiences both upward and downward volatility throughout the year.
There’s a good chance we’ll still see these prices during the halving.
Whether or not BTC breaks out soon, the price will correct afterwards.
Whether there is an outage: BTC will recover from it.”
BTC is worth $27,523 at the time of writing, down 0.8% in the past 24 hours.
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Featured image: Shutterstock/zeber/PurpleRender