The Cryptostrategist Said When Bitcoin Can Reach the Bottom
A cryptostrategist with the nickname Rekt Capital, based on the results of bitcoin in the bear market of 2015 and 2018, predicted when it could reach the bottom
In his opinion, despite the oversold signals, bitcoin will continue to trade in an unstable environment:
"This kind of eventful exchange rate movement of BTC can continue for quite a long time. But this does not change the conclusions that bitcoin is extremely oversold"
The analyst noted that the monthly BTC relative strength index (RSI) is now below the lowest levels of the bear markets of 2015 and 2018. The RSI indicator is used by traders to measure the momentum of a trend, with a falling RSI suggesting a strong bearish momentum:
"The monthly RSI has grown slightly and it is possible that this movement will turn the bottom of the bear market of 2015 and 2018 into a new resistance"
According to Rekt Capital, the short-term prospects of bitcoin do not look very good and the bottom can be reached only in a few months:
"Bitcoin has about 650 days until the next halving. Historically, it reached the bottom about 517-547 days before its halving. If history repeats, bitcoin will need another 100-150 days before reaching the bottom. During this period, extended consolidation or short-term rallies may be good options.
If bitcoin reaches the bottom 517-547 days before the upcoming halving (April 2024), then the bottom will form in the fourth quarter of 2022"
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