Bitcoin Price Bottom To Take Place In Q4 This Year, Crypto Expert Predicts

Christian Encila

2 years ago

2 mins read

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Bitcoin price sliding deeper into the pit can likely happen before this year ends.

Last week, the cryptocurrency market shed $165 billion of its total market capitalization with crypto frontrunner Bitcoin slumping into a bearish streak.

With this development, both traders and investors are now making conscious efforts to look ahead of the leading digital currency’s possible bottom.

Rekt Capital, a well-known crypto trading expert, shared some insights about what could be next for Bitcoin, saying that by the end of this year the asset might just reach another low point.

The expert has taken into account the recorded movement of the crypto’s price during a specific period right before the reward for mining its block is cut in half – a process known in this space as halving.

In conclusion, Rekt Capital said Bitcoin might bottom in the last quarter of this year, more than 500 days from its scheduled halving in April 2024.

Bitcoin’s Weakening Support Range

In his blog, the trading expert also discussed how the crypto alpha is showing weakness as far as its $20K support price range is concerned.

Rekt Capital noted that the observed rebound from this particular support price has been weak and this could turn out to be ugly for Bitcoin as it points to the $20K barrier becoming the new resistance range for the asset.

If this happens, the public could be looking at significantly lower support ranges, set at $17,165 and $13,900. The crypto aficionado, however, said a lot more could happen within this month. But if the trend continues, these theories could turn out to be realities that Bitcoin investors will have to deal with.

Where Is Bitcoin Price Headed?

If Bitcoin will indeed form a bottom by the end of this year, where will its price stand? Rekt Capital also shared his thoughts on the matter.

Using his Historical Death Cross Analysis, the expert was able to determine that since its price is moving into a new resistance, the leading digital currency might see its bottom between $16,985 and $23,467.

At press time, CoinGecko’s tracking data indicate the maiden cryptocurrency is trading at $19,403.89, losing 13.1% of its price in the last seven days.

Meanwhile, the asset’s price could slide further down to $11,500, falling well below the projected $13,900 monthly support if things start to get sideways.

As for the short term, Bitcoin is seen to slump all the way down to $16,700, but then that might not even happen.

BTC total market cap at $370 billion on the daily chart | Source: TradingView.com

Featured image from Al Bawaba, chart from TradingView.com

(The analysis represents the author's personal views and should not be construed as investment advice).

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.