Bitcoin (BTC) plans to bottom out later this year and not rebound until 2023, according to a popular cryptocurrency analyst.
In new video update, Rekt Capital Tell What can his 45,100 YouTube subscribers expect from King Crypto over the next six months.
The analyst looked at previous market cycles related to Bitcoin’s halving, which occurs when the BTC mining reward is halved every four years.
“About 450 to 400 days before the halving event, we see the macro downtrend ending.
That’s what it’s about.
The macro downtrend ends and a new macro uptrend begins. And that coincides with leaving the accumulation zone. “
From this historical pattern, Rekt Capital predicts the next BTC market bottom in relation to the next planned halving.
“We will see a breakout of a new macro uptrend by the end of the first quarter of 2023. That also means we may see a bottom in the fourth quarter of this year, possibly even November.”
At the time of writing, BTC is trading at $23,143.
Analysts also peep Views on Ethereum (ETH)-based oracle platform Chainlink (LINK) appear to confirm LINK’s recent breakout.
“LINK has successfully retested the top of its falling wedge as support, confirming a breakout
All LINK needs now is a buy-side volume follow-through to ensure the trend continues beyond the black $7.78 resistance. “
Chainlink gained 6% last week and is currently trading at $7.68.
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