Bitcoin (BTC) recorded a bearish trend last week and started the new week with this trend. Crypto market cap has lost $165 billion in the past week due to the price drops of assets. The latest drop has taken BTC to bottoms not seen since June. That’s why traders and investors are wondering about the potential bottom of the leading cryptocurrency. It looks like crypto analyst Rekt Capital has an answer to that question.
“Bitcoin will hit bottom on this date”
Leading cryptocurrency analyst Rekt Capital has predicted the date when the Bitcoin price will bottom out. According to him, considering the price movements before the halving events, Bitcoin will bottom out by the end of 2022. Halving refers to periodic periods during which the reward for mining a cryptoblock is halved. Analyzing past lows in BTC price, the analyst shared a tweet on September 19.
In his tweet, Rekt Capital looked at how many days before the previous halving events BTC bottomed out. Accordingly, at the bottom of 2015, BTC bottomed 547 days before the halving. In 2018, it hit the bottom 517 days ago. The next halving event will occur in April 2024. Therefore, Rekt Capital estimated that we will see the bottom 517-547 days before the new halving. Accordingly, the BTC bottom is likely to occur in the fourth quarter of 2022.
“Support at $20,000 is very weak”
Rekt Capital also made short-term Bitcoin price predictions. Sharing an analysis on his blog, the crypto expert said that the $20,000 to $23,500 range is weak. He then underlined that the $20,000 support could also be easily lost. The recovery from the $20,000 support this month has been extremely weak, according to the analyst. Therefore, the monthly BTC price chart hints that the support at $20,000 could easily turn into resistance.
However, the analyst also shares new support levels if the $20,000 level is lost. According to him, if there is a close below $20,000, the closest support will be found at $17.165. The leading cryptocurrency will turn $20,000 into resistance at this point. If $17,165 is also lost, the price will find support at $13,900.
What level will the bottom be at?
Also, Rekt Capital drew attention to the Historical Death Cross analysis. The analyst emphasized that BTC price has turned the 200-week moving average (MA) into new resistance. Next, he noted that the Death Cross chart showed a bottom inside an area between $16,985 and $23,467. The expert underlines that in the worst-case scenario, the price could “fall as low as $11,500.” He also states that this will mean “an enormous downside wick below the $13,900 monthly support.”
Meanwhile, the Bitcoin rainbow chart gives a different narrative. cryptocoin.com As we reported, the rainbow chart shows a potential bottom for Bitcoin at $16,700 in the short term. Meanwhile, at the time of writing, BTC price is trading at $19,200, up 3% in the last 24 hours. The leading cryptocurrency traded below $19,000 for a certain period on September 19. However, it rose later.
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