Crypto Trader Pins Date on Bitcoin Turnaround, Says One Ethereum-Based Altcoin Is Breaking Out
A popular crypto analyst says Bitcoin (BTC) is scheduled to bottom later this year, only to rebound in 2023.
In a new video update, Rekt Capital tells his 45,100 YouTube subscribers what to expect from the king crypto for the next six months.
The analyst looks at previous market cycles in relation to Bitcoin halvings, which occur when BTC mining rewards are cut in half every four years.
“Around 450 to 400 days prior to the halving event, we see the macro downtrend end.
That’s what it’s about.
A macro downtrend ending and a new macro uptrend beginning. And this coincides with leaving the accumulation range.”
Looking at this historical pattern, Rekt Capital predicts the next BTC market bottom in relation to the next planned halving.
“We will see a breakout into a new macro uptrend in late Q1 of 2023. What that also signifies is that we probably will see a bottom in Q4 of this year, maybe even November.”
BTC is trading for $23,143 at time of writing.
“LINK has successfully retested the top of its Falling Wedge as support, confirming the breakout
All LINK needs now is buy-side volume follow-through to ensure trend continuation beyond the black $7.78 resistance.”
Chainlink is up 6% over the last week, currently going for $7.68.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Giovanni Cancemi/Sensvector