One of the well-known cryptocurrency analysts compared the price action of Bitcoin (BTC) in the 2015 and 2018 bear markets. As a result of his comparisons, he believes that Bitcoin will hit bottom soon. Here are the details…
Several monthly bottom calls from Rekt Capital
Anonymous crypto analyst Rekt Capital recently said that Bitcoin signals oversold. Despite this, he tweeted that the cryptocurrency will continue to trade in a stormy atmosphere. Rekt Capital thinks Bitcoin’s volatile price action may continue for a while. But he notes that these moments do not replace the facts that several data science models show that the price is oversold. Also, the analyst is of the opinion that Bitcoin’s relative strength index (RSI) for the month has fallen below the 2015 and 2018 bear market range.
The Relative Strength Index (RSI) is a measurement indicator that tells us the price action of the asset. Whenever there is a negative RSI, it indicates that we are in a bearish market. Announcing its analysis, Rekt Capital claims that the RSI is up for July. However, the analyst predicts that this rise may turn the movement into the bear market of 2015 and 2018. He predicts it could make the level a new resistance barrier. On the other hand, the short-term outlook for the flagship currency stands lower. Therefore, the strategist thinks that Bitcoin will make a bottom in a few months.
Will the bear cycle continue in Bitcoin (BTC)?
The analyst concludes his analysis by stating that there are only 650 days left for the Bitcoin halving. According to previous records, Bitcoin formed a bottom 517-547 days before the halving. Therefore, Rekt Capital says that if history repeats, there are only 100-150 days left for the leading crypto to form a bottom. According to the analyst, the most effective approach for the current situation is a long-term consolidation or recovery rally.
Meanwhile, cryptocoin.com As we have also reported, the famous investment bank JPMorgan shared its prediction for BTC. According to a note released Wednesday by the strategists of the bank led by Nikolaos Panigirtzoglou, the cost of Bitcoin production has dropped from $24,000 at the beginning of June 2022 to $13,000 currently. The report pointed out that the big drop could hurt the price of the digital asset.
Strategists also noted that the decline in the production cost estimate is almost entirely due to the decline in electricity use, according to data from the Cambridge Bitcoin Electricity Consumption Index. The banking giant argued that the move was an effort by miners to maintain profitability by installing more efficient mining rigs, rather than a mass exodus of less efficient miners. However, this move could pose a significant hurdle to any gains in Bitcoin price.
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