Rekt Capital, a well-known analyst and cryptocurrency enthusiast, has revealed the possible directions the bitcoin price could take in light of the upcoming fourth btc Halving.
Possible setback for bitcoin
As the halving event approaches, analysts are debating what steps bitcoin should take following its recent macro downtrend breakout. One of them is Rekt Capital, which weighed in on the particular topic and made a comparison with past trends.
The crypto analyst shared his latest projections during one of his YouTube prediction videos for bitcoin. In the video, Rekt Capital delves into the “possible next steps” that btc It is anticipated that it will take while highlighting “a break of its bearish macro trend.”
Their analysis mainly focuses on the reaccumulation range that formed before the halving event in the period 2015-1016. Additionally, he made a comparison between 2023-2024 and 2015-2016, although he noted similarities between the two periods.
According to him, the trend that was formed in that period has re-emerged in the current period 2023-2024. “One of the things that contributes to that similarity is the reaccumulation that formed a few months before the halving,” he said.
Rekt Capital pointed out the possibility of a setback around the bitcoin Halving Event. This is due to a scenario proposed by the cryptanalyst in which a breakout of the reaccumulation range triggers a pullback.
An analogy to the 2015-2016 cycle indicates a comparable rejection from a pre-halving resistance level, which may have contributed to a potential pullback.
Furthermore, he highlighted that these setbacks are indicated by historical data but highlights that they are usually brief. However, he stated that after the pullback, which is the “last chance”, we would see a rise in the price of bitcoin.
This rise “will turn the $46,000 price level into a new support level and reach its old all-time high.” Rekt Capital also anticipates that the price will surpass this level and put bitcoin on the path to a new all-time high.
Factors supporting the value of btc, ETFs not included
Samson Mow, Chief Executive Officer (CEO) of Pixelmatic, has revealed several factors that increase the value of bitcoin. Mow turned to X (formerly Twitter) to underscore these factors with the crypto community.
According to him, bitcoin's value is amplified by “the scarcity, usefulness and failure of fiat money.” Mow further insisted that btc Spot Exchange Traded Funds (ETFs) does not contribute to the value of the token.
His post Cramer claimed that “no one came forward” after the btc ETFs were approved, causing the price to drop.
Mow was disgusted by Cramer's claims and stated that many people were present as they noted the net influx. “A lot of people showed up. Just look at the net inflow and how much BlackRock, Fidelity and others accumulated,” he stated.
Featured image from iStock, chart from Tradingview.com
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