מיט ביטקאָין (בטק) recording a בעריש streak along with the rest of the קריפּטאָקוררענסי מאַרק that has just פאַרפאַלן $ 165 from its market capitalization in the last week, traders and ינוועסטערז are looking at the flagship digital currency’s potential bottom.
Bitcoin could reach its bottom by the end of 2022, considering its previous movements in the specific period before previous האַלווינגס – events after which the reward for mining a crypto block is halved, according to prominent קריפּטאָ טריידינג מייוון Rect Capital.
Analyzing Bitcoin’s bottoming in the past, the expert concluded in his טוויט on September 19 that it might bottom 517-547 days before its upcoming halving in April 2024, which means that the bottom could happen in the fourth quarter of 2022. As he explained:
Weak support at $20k
אין די זעלבע צייט, Rect Capital noted in his בלאָג the $20,000 – $23,350 range and that “the $20k שטיצן is showcasing weakness.”
As per the market expert, “the rebound from the $20K support this month has been so weak that it actually looks like the upside wick reaching into the range is price’s way of suggesting that $20K may be flipping into a resistance.”
ווי ער האט מסביר געווען:
“Much can still change throughout the month, of course, but at the moment, the price action is telling a story which suggests that $20K may be flipping into new resistance on the Monthly timeframe, setting up for a confirmed breakdown from the range.”
The analyst also added that “in the instance that $20K indeed sees downside continuation from the $20K support, the next immediate supports are $17,165 and ~$13,900.”
So where is the bottom?
דערצו, Rect Capital stated that his Historical Death Cross analysis suggests that Bitcoin will form a bottom within the area between $16,985 and $23,467, as its price is flipping the 200-week moving average (MA) into new resistance.
In the most extreme scenario for downside, he states, the price could go “as low as $11,500, which would imply tremendous downside wicking below the $13,900 monthly support.”
Elsewhere, the Bitcoin rainbow chart indicates $16,700 as the potential bottom for the maiden cryptocurrency in the short term.
Meanwhile, Bitcoin is at press time trading at $19,229, which represents a 3.34% decline on the day, as well as a 14.18% drop across the previous seven days.
The market capitalization of the largest cryptocurrency by this indicator currently stands at $366.24 billion, according to קאָונמאַרקעטקאַפּ דאַטע.
אָפּלייקענונג: דער אינהאַלט אויף דעם פּלאַץ זאָל ניט זיין געהאלטן ינוועסמאַנט עצה. ינוועסטינג איז ספּעקולאַטיווע. ווען ינוועסטינג, דיין קאַפּיטאַל איז אין ריזיקירן.
Source: https://finbold.com/crypto-trading-expert-says-bitcoin-bottom-to-occur-in-q4-this-year-as-new-lows-loom/