Bitcoin price will bottom out in the fourth quarter of this year

Last week, the cryptocurrency market lost $165 billion in market capitalization, with Bitcoin, the cryptocurrency leader, sinking into a downward spiral.

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

Rekt Capital, a well-known crypto trading expert, shared some thoughts on what could be next for bitcoin, saying that by the end of the year, the asset might just reach another point. down.

The expert took into account the recorded movement of the crypto price during a specific period just before the reward for mining his block was halved – a process known in this space as halving.

In conclusion, Rekt Capital said bitcoin could bottom out in the last quarter of this year, more than 500 days away from its expected April 2024 halving.

The weakening of bitcoin’s support range

In his blog, the trading expert also discussed how the alpha crypto is showing weakness when it comes to its $20K support price range.

Rekt Capital noted that the observed rebound from this particular support price has been weak and this could prove ugly for bitcoin, as it indicates that the $20K barrier is becoming the new resistance range for the asset.

If that happens, the public could face significantly lower support ranges set at $17,165 and $13,900. Rekt Capital said a lot more could happen this month. But if the trend continues, these theories may turn out to be realities that bitcoin investors will have to face.

Where is the price of bitcoin headed?

If bitcoin does indeed bottom out by the end of the year, where will its price be? Rekt Capital also shared their thoughts on the subject.

Using his historical analysis of the cross of deaththe expert was able to determine that, since its price is heading towards a new resistance, the main digital currency could see its bottom between $16,985 and $23,467.

Data from CoinGecko indicates that BTC is trading at $19,403.89, losing 13.1% of its price over the past seven days.

Meanwhile, the asset’s price could slide further towards $11,500, falling well below the projected monthly support of $13,900 if things start to go awry.

In the short term, bitcoin could crash all the way to $16,700, but that might not happen.

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