In anticipation of the fourth BTC Halving, Rekt Capital, a well-known cryptocurrency analyst, has provided insights into the potential directions that the price of Bitcoin could take. With the recent breach from the macro downtrend, analysts have been actively debating the next move for Bitcoin. Rekt Capital has weighed in on this issue and drawn comparisons to past trends in order to project the future price movements of Bitcoin.
Rekt Capital has shared his latest projections for Bitcoin in one of his YouTube predictions videos. Focusing on the “next possible steps” for BTC, he highlights the importance of a breakout from its macro downtrend. He delves into the reaccumulation range that formed prior to the 2015-2016 halving event and draws a comparison between that period and the current 2023-2024 period. According to Rekt Capital, similar trends have resurfaced, with one contributing factor being the reaccumulation that formed a few months before the halving.
Rekt Capital also points out the possibility of a retracement around the Bitcoin halving event. He proposes a scenario in which a break in the reaccumulation range triggers a retreat. This analogy to the 2015–2016 cycle suggests a comparable rejection from a resistance level prior to the halving, which could potentially lead to a retreat. However, Rekt Capital emphasizes that historical data indicates these retracements are often brief. He predicts that after the retracement, Bitcoin will experience a surge, turning the $46,000 price level into a new support level and reaching its old all-time high. Furthermore, he anticipates that Bitcoin will surpass this level and continue on a path towards a new all-time high.
Samson Mow, the CEO of Pixelmatic, has identified several factors that contribute to the value of Bitcoin. Mow shares his thoughts on X (formerly Twitter), highlighting the importance of scarcity, utility, and the failure of fiat currencies. He believes that BTC Spot ETFs do not have a significant impact on the value of Bitcoin. Mow’s comments were in response to Jim Cramer, the host of CNBC’s “Mad Money”, who suggested that the approval of BTC ETFs led to a decline in price as “no one showed up.” Mow refutes this claim, stating that many individuals and institutions, such as BlackRock and Fidelity, have accumulated Bitcoin.
Rekt Capital’s analysis provides valuable insights into the potential directions for the price of Bitcoin after the halving event. By drawing comparisons to past trends and identifying key factors that contribute to Bitcoin’s value, investors can make informed decisions regarding their investments. However, it is important to conduct thorough research and consider the inherent risks associated with investing in cryptocurrencies. The future of Bitcoin remains uncertain, but with the halving event approaching, many are eagerly anticipating the next move for the world’s leading cryptocurrency.