Rekt Capital, a well-known cryptocurrency analyst and enthusiast, has revealed the possible directions that the price of Bitcoin could take into account the upcoming fourth BTC halving.
Potential Retracement for Bitcoin
With the halving approaching, analysts are debating what steps Bitcoin should take after its recent break from the macro downtrend. One of these is Rekt Capital, which has looked into this specific topic and made a comparison with past trends.
The crypto analyst shared his latest projections during one of his YouTube Bitcoin prediction videos. In the video, Rekt Capital elaborates on the “next possible steps”. BTC is expected to last while “a breakout from the macro downtrend” is highlighted.
His analysis focuses mainly on the reaccumulation range that formed before the halving in the period 2015-1016. He further made a comparison between 2023-2024 and 2015-2016, noting similarities between the two periods.
According to him, the trend that formed during that period has resurfaced in the current period 2023-2024. “One of the things contributing to that similarity is the reaccumulation that formed a few months before the halving,” he explained.
Rekt Capital pointed out the possibility of a retracement around the Bitcoin halving event. This is due to a scenario proposed by the crypto analyst in which a break in the reaccumulation range triggers a pullback.
An analogy to the 2015-2016 cycle indicates a similar pullback from a pre-halving resistance level, which may have contributed to a potential pullback.
Furthermore, he has emphasized that such retracements are indicated by historical data, but emphasizes that these are often short-lived. However, he claimed that after the blowback, which is the “last chance,” we would see a price increase for Bitcoin.
This increase will “turn the $46,000 price level into a new support level, reaching the old all-time high.” Rekt Capital also expects the price to exceed this level, putting Bitcoin on its way to a new all-time high.
Factors that support BTC value, excluding ETFs
Samson Mow, the Chief Executive Officer (CEO) of Pixelmatic, has revealed several factors that increase the value of Bitcoin. Mow contacted X (formerly Twitter). underscore these factors with the crypto community.
According to him, Bitcoin’s value is enhanced by “scarcity, utility and the failure of fiat.” Mow further emphasized this BTC Spot Exchange-Traded Funds (ETFs) do not contribute to the value of the token.
His X-post came in response to CNBC’s ‘Mad Money’ host Jim Cramer’s post about his comments on BTC’s current action. Cramer claimed that “nobody showed up” after the approval of BTC ETFs, leading to a price drop.
Mow was dissatisfied with Cramer’s claims and he stated that many people were present noticing the net inflow. “A lot of people showed up. Just look at the net inflows and how much BlackRock, Fidelity and others have collected,” he said.
Featured image from iStock, chart from Tradingview.com
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