Cryptocurrency analysts with the highest number of followers on social media Rekt Capitalend bitcoin He shared his analysis on Twitter.
Famous analyst, especially BTC in cryptocurrencies thinks the end of the long-running bear season is near.
“The end of bear season is approaching. BTC could turn bullish after bottoming out in the fall or winter. With the rise, a new bull market will begin in 2023.”
Rekt Capital also stated that after the bearish market, it expects a rally with at least 200% gains in Bitcoin.
“Bitcoin could drop another 5%, maybe 10% in the short term. However, in the long run, I expect a huge rise. Costing now may seem risky for the short term, but for the long term it makes sense.”
The analyst shared his technical analysis for Bitcoin with his followers on Twitter.
#BTC is dipping below ~$20000 support (green)
But even over the past few months BTC has shown it can downside wick below green on the Weekly
A Weekly Close below green would bring BTC closer to a confirmed breakdown but this could still just end as a wick$BTC #Crypto #Bitcoin pic.twitter.com/RqPsxcQcHC
— Rekt Capital (@rektcapital) September 7, 2022
Rekt Capital stated that the break of the $19,000 support, which is shown in green on Bitcoin’s weekly chart, could have negative consequences.
“Things could get worse if Bitcoin breaks the weekly support at $19,000. However, despite seeing the gold of this price before, the price movements remained wicked. Bitcoin should close the week above the $19,000 level.”
Why Doesn’t Bitcoin Rise?
The theme of inflation, which is on the rise worldwide, causes states to change their economic policies. Tight monetary policies are implemented around the world to reduce inflation. Also, interest rates are increased. For this reason, sales are seen in many risk products, especially cryptocurrencies.
Many economists expect tight monetary policies around the world to continue until 2024 at the earliest.
However, some crypto analysts point to the middle of 2023 for the rise.
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