A widely followed crypto analyst updated his Bitcoin (BTC) forecast and analyzed the popular altcoin Solana (SOL).
The analyst, known by the pseudonym Rekt Capital in the cryptocurrency market, thinks that the Bitcoin (BTC) price may still not have reached a new resistance level.
“BTC
Another way to think about this graph…
What if the new red resistance corresponding to the top of the range has not yet been found?
“A strong rejection of the price could lead to a deeper pullback in the next 175-day pre-halving period (orange).”
This is your analyst estimated based on historical data. As seen in the chart above, crypto analysts observe a similarity between 2019 and 2023. It is worth noting that the common feature of these two years is the pre-halving periods.
Rekt Capital also outlines the plan to follow in a downside scenario for leading crypto BTC as follows:
“Accumulate on a deeper orange retracement
Re-accumulate in red
HODL (hold on for your life) in green.”
In addition, Rekt Capital also shared his thoughts about Ethereum (ETH) rival Solana in the latest issue of the Altcoin Newsletter. The analyst pointed out that the cryptocurrency is about to complete its highest monthly candle closing since April 2021 and said:
“SOL currently appears to be breaking upwards from the orange-black range (approximately $20-23.89) and rising directly into the purple zone.”
According to the crypto analyst, the $32-$45 range could become resistance for SOL.
“Purple has historically acted as a major support area in the past. The question now is: Will it act as a major resistance area? This is not necessarily the case: strong supports do not have to turn into strong resistances.”
You can follow the current price movement here.