Rekt Capital, a well-known cryptocurrency analyst and enthusiast, has revealed the potential directions that the price of Bitcoin could take in light of the upcoming fourth BTC Halving.
Potential Retracement For Bitcoin
With the halving event approaching, analysts are debating what steps Bitcoin should take after its recent breach from the macro downtrend. One of those is Rekt Capital, who has weighed in on the particular issue and made a comparison to past trends.
The crypto analyst shared his latest projections during one of his YouTube predictions videos for Bitcoin. In the video, Rekt Capital delves in on the โnext possible stepsโ that BTC is anticipated to take while highlighting โa breakout from its macro downtrend.โ
His analysis focuses mainly on the reaccumulation range that formed prior to the halving event in 2015-1016 period. He further drew a comparison between 2023-2024 and 2015-2016, while noting similarities between the two periods.
According to him, the trend that formed within that period has resurfaced in the current 2023-2024 period. โOne of the things that contributes to that similarity is the reaccumulation that formed a few months before the halving,โ he stated.
Rekt Capital pointed out the possibility of a retracement around the Bitcoin halving event. This is due to a scenario proposed by the crypto analyst in which a reaccumulation range break triggers a retreat.
An analogy to the cycle of 2015โ2016 indicates a comparable rejection from a resistance level prior to the halving, which may have contributed to a possible retreat.
Furthermore, he has highlighted that such retracements are indicated by historical data but stresses that they are often brief. However, he asserted that after the retrace, which is the โlast opportunity,โ we would see a price increase for Bitcoin.
This surge will โturn the $46,000 price level into a new support level, and move to touch its old all-time high.โ Rekt Capital also anticipates the price going beyond this level putting Bitcoin on a path to a new all-time high.
Factors The Buttress BTC Value, ETFs Not Included
Samson Mow, the Chief Executive Officer (CEO) of Pixelmatic, has revealed several factors that boost Bitcoinโs value. Mow took to X (formerly Twitter) to underscore these factors with the crypto community.
According to him, the value of Bitcoin is amplified by โscarcity, utility, and the failure of fiat.โ Mow further insisted that BTC Spot Exchange-Traded Funds (ETFs) do not contribute to the tokenโs value.
His X post came in response to CNBCโs โMad Moneyโ host Jim Cramerโs post over his comments on BTCโs current action. Cramer asserted that โno one showed upโ after the approval of BTC ETFs, which led to a decline in price.
Mow was displeased by Cramerโs claims, and he stated that many people were present while noting the net inflow. โA lot of people showed up. Just look at the net inflow and how much BlackRock, Fidelity, and others accumulated,โ he stated.
Featured image from iStock,ย chart from Tradingview.com
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