Rekt Capital, a popular cryptocurrency analyst, shared its new analysis for Bitcoin (BTC), the largest cryptocurrency by market cap. Especially as we enter the new year, the bottom and top levels in BTC are some of the issues that investors are curious about. The master also touched on this issue and explained the low and high levels he expected in Bitcoin. He even created a timeline for this topic. Here are the details…
Bitcoin could break its next record in 2024
A widely followed cryptocurrency analyst, Rekt Capital, has gone deep into Bitcoin (BTC). It has set a timeline for the biggest crypto’s next all-time high (ATH). The analyst pointed to the “four-year cycle theory” for this issue. For the highest level, he drew attention to 2024 at the earliest and 2025 at the earliest. Rekt Capital used the following statements:
According to the Four-Year Cycle theory, the new all-time high in Bitcoin will occur at the earliest on Candle 4 (2024) and the latest on the new Candle 1 (2025). If a new ATH were to occur at 2024 Candle 4, it would be months after the April 2024 BTC halving.
Rekt also explained the rationale behind his analysis. “Historically, a strong indicator of where the BTC bottom is is the annual close of the bearish BTC Candle 2. And whatever negative wick occurs in the next Candle 3, it’s just a bonus for bargain buyers.”
Will the trend change in Bitcoin?
Rekt also analyzes the relative strength indicator (RSI), a momentum indicator that signals possible trend reversal. The analyst compares BTC’s current RSI to its historical peer. Rekt Capital used the following statements:
The monthly BTC RSI hit new all-time lows this month. RSI turns bear market bottom zone (green) into new resistance. It has since been the bearish channel (orange). A channel breakout can be a strong signal that BTC is ready for a macro trend change.
Rekt also says that BTC price levels could potentially approach “peak financial opportunity.” According to the analyst, BTC is moving to form a new “candle 3” in its current four-year cycle. Therefore, Rekt Capital states, “It is worth remembering that the downward move in a Candle 3 historically represents the highest financial opportunity.”
2024 emphasis from the analyst
Finally, the analyst emphasizes the need to consider the third candle in the four-year cycle theory. According to the analyst, with the upcoming “Candle 3” in 2023, the year will pass at the bottom. However, with the emergence of “Candle 4” and the Bitcoin halving, 2024 will be the year of the “turnaround”. Historically, Candle 4 has at least eclipsed previous Candle 1 and Candle 2 resistance. At best it rose to new record levels. Meanwhile, cryptocoin.comAccording to data, Bitcoin is changing hands at $ 16,563, with an increase of 0.6 percent.
