Renowned Crypto Analyst Rekt Capital’s Predictions on Bitcoin’s Future
Rekt Capital, a highly respected and widely followed crypto analyst, has recently shared his insights about Bitcoin’s (BTC) future pricing based on its current technical pattern. According to the analyst, BTC appears to be finalizing a standard technical arrangement that suggests a possible dip in prices.
Bitcoin’s Possibility of a Double Top Pattern
In an attempt to enlighten his 351,000 followers on his predictions for BTC, Rekt Capital unveiled that BTC appears close to finalizing a full double-top pattern. This pattern has been in formation after the cryptocurrency faced exhaustion in the vicinity of the $30,000 range.
Outcomes of the Double Top Pattern
According to Rekt Capital, if the double-top pattern solidifies, the resulting move would likely pull BTC’s value to approximately $22,000.
- Rekt Capital’s prediction made in early August:
“If BTC drops to ~$26000 by mid-September then a Double Top may be forming”
“A breakdown from ~$26000 would validate the DT”
“And a measured move for the DT would be ~$22000”
“Worth noting but still very early stages & lots can still change in the meantime.”
At present, with BTC fluctuating around the $26,000 mark, the analyst elaborates that the double-top (DT) pattern is in effect.
Source: Rekt Capital/X
Long-Term Projections on Bitcoin’s Performance
Expanding his viewpoint to the long term, Rekt Capital delves into Bitcoin’s performance by using yearly candles. These represent Bitcoin’s traditional four-year cycles.
- Pattern observed in 3rd year of each cycle:
- The third year of each cycle often exhibits both upper and lower wicks on its candle. This signifies that the price has historically traded above and below the annual start price.
- Despite this trend, Rekt Capital predicts that Bitcoin is unlikely to stumble below its yearly open price in the current cycle.
“In the BTC Candle 3, we tend to see both upside and downside wicks”
“2015 & 2019 show that upside wicks tend to happen later in the year”
“And downside wicks tend to happen earlier in the year”
“At this stage, it’s unlikely $BTC will form a downside wick in 2023.”
Source: Rekt Capital/X
Conclusion
Rekt Capital’s analysis and data-driven predictions serve as significant insights for traders and investors seeking to make informed decisions in the crypto world. The possibility of a double top pattern in progress and insight into Bitcoin’s four-year cycles can help stakeholders better navigate their crypto journey.
