Crypto Trader Breaks Down Bitcoin (BTC) Pre-Halving Trends, Anticipates More Volatility Ahead
A extensively adopted crypto analyst is plotting out Bitcoin’s (BTC) most probably strikes because the king crypto approaches a halving subsequent yr.
Pseudonymous crypto dealer Rekt Capital tells his 357,300 followers on the social media platform X that no matter BTC’s subsequent transfer, the flagship crypto asset can be value round $30,000 heading into April 2024.
“BTC
Whether or not Bitcoin breaks out quickly
Or breaks down quickly
Historical past suggests we’ll nonetheless see Bitcoin across the ~$30,000 area going into the Halving.”
Extra instantly, Rekt Capital says BTC has discovered some assist.
“BTC has rejected from the Decrease Excessive resistance
However is now holding the Bull Market Assist Band cluster of transferring averages as assist.”
Regardless of a slight rally to start out October, the analyst says BTC has retraced most of its good points.
“BTC
Rallied +5% this October however retraced a lot of the transfer.
Traditionally, we’ve seen upside wicks of as much as +8% past a key Month-to-month resistance.
If BTC Month-to-month Closes beneath black this month -> rejection.
Nonetheless, reclaim it as assist and BTC will transfer increased.”
No matter what transfer BTC makes subsequent, Rekt Capital reiterates his perception that BTC will valued at round $30,000 in April 2024, the anticipated date for the following halving.
“BTC
Pre-Halving yr tends to see each upside and draw back volatility all year long.
Likelihood is we’ll nonetheless see these costs on the Halving.
Whether or not BTC breaks out quickly — worth will right after it.
Whether or not it’s a breakdown — BTC will recuperate from it.”
BTC is value $27,523 at time of writing, down 0.8% within the final 24 hours.
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