Rekt Capital, a professional cryptocurrency analyst, has compiled the latest price predictions for Bitcoin. Sharing his predictions with 329,000 Twitter followers, the analyst expects a new floor in BTC price. In addition to the price drop claims, the expert also shares the date he thinks this base will come. Thus, he warns his followers of an impending market crash.
“Bitcoin will hit the bottom on this date”
Professional analyst Rekt Capital took action to make an assumption about when the bear market will end. Accordingly, the cryptocurrency analyst examined the historical Bitcoin bull markets and the historical cycles of these markets. Examining the charts, the pseudonymous analyst subsequently took to Twitter and posted a series of posts to his followers. Rekt Capital stated that a total of more than 300 days have passed since the last BTC bull run. He then compared the November 2021 bull run to the 2013 and 2017 rallies:
“When Bitcoin peaked in the 2013 bull market, it took 413 days for BTC to reach the bottom. At its peak in 2017, it took 364 days for BTC to reach the bottom again. It has now been 333 days since the November 2021 ATH and there is no sign of a bottom on the market. However, when we look at the average time to reach the bottom after the rallies, the new bottom level seems close. Historical data reveals that a BTC bottom should happen in the next 1-3 months.”
“BTC is always at a resistance level”
Continuing to examine the charts, the professional analyst also talked about price data. Accordingly, Rekt Capital said that the Bitcoin price is currently at a constant resistance level. According to him, the president cryptocurrency has “returned to multi-month resistances”. In the middle, BTC is changing hands at $20,000 at the time of writing. The king coin is down 71% from the $69,000 ATH it reached in November 2021. Rekt Capital shared the chart below regarding the current price situation.
“Ethereum also exhibits an unprecedented price action”
Following the Bitcoin claim, Rekt Capital is also examining the leading altcoin project Ethereum. Koindeks.com As we reported, Ethereum is down 72% from its 2021 all-time high of $4,878 and is currently trading at $1,360. Accordingly, the analyst mentions that ETH price is also in a multi-month resistance zone, similar to BTC. He then publishes a graphic and shares his claims:
“The blue circle in the chart below indicates that Ether is at orange resistance, which was previously a strong reinforcement. Accordingly, ETH has the potential to turn the top of the orange box into a foothold. If this happens, a bullish rally to the black lower high on the chart could begin. Until that happens, the leading altcoin will continue to move in the resistance zone.”