Rekt Capital, a professional cryptocurrency analyst, has compiled the latest price predictions for Bitcoin. Sharing his predictions with 329,000 Twitter followers, the analyst expects a new bottom in BTC price. In addition to the price drop predictions, the expert also shares the date he thinks this bottom will come. Thus, he warns his followers of an impending market crash.
“Bitcoin will hit bottom on this date”
Professional analyst Rekt Capital took action to make a prediction about when the bear market will end. Accordingly, the cryptocurrency analyst examined historical Bitcoin bull markets and the historical cycles of these markets. Analyzing the charts, the pseudonymous analyst then took to Twitter and posted a series of posts to his followers. Rekt Capital stated that a total of more than 300 days have passed since the last BTC bull run. He then compared the November 2021 bull run to the 2013 and 2017 rallies:
“When Bitcoin peaked in the 2013 bull market, it took 413 days for BTC to bottom out. At its peak in 2017, it took 364 days for BTC to bottom again. Now, 333 days have passed since the November 2021 ATH and there are no signs of a bottom in the market. However, when we look at the average time to reach the bottom after the rallies, the new low looks close. Historical data reveals that a BTC bottom should occur in the next 1-3 months.”
“BTC is constantly at a resistance level”
Continuing to examine the charts, the professional analyst also talked about the price data. Accordingly, Rekt Capital said that the Bitcoin price is currently at a constant resistance level. According to him, the leading cryptocurrency has “returned to multi-month resistances”. Meanwhile, BTC is changing hands at $20,000 at the time of writing. The king coin is down 71% from the $69,000 ATH it reached in November 2021. Rekt Capital shared the chart below regarding the current price situation.
“Ethereum exhibits similar price action”
Following the Bitcoin prediction, Rekt Capital is also examining the leading altcoin project Ethereum. As we reported on cryptokoin.com, Ethereum is down 72% from its all-time high of $4,878 in 2021 and is currently trading at $1,360. Accordingly, the analyst states that ETH price is also in a multi-month resistance zone, similar to BTC. He then publishes a chart and shares his predictions:
“The blue circle in the chart below shows that Ether is at orange resistance, which was previously a strong support. Accordingly, ETH has the potential to turn the top of the orange box into support. If this happens, a bullish rally to the black lower high on the chart could begin. Until that happens, the leading altcoin will continue to move in the resistance zone.”
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