Crypto Trader Predicts $55,000 Bitcoin (BTC) Target - Reveals Expected Timeline --OK
According to a renowned crypto analyst, Bitcoin (BTC) is expected to surpass the $55,000 mark in the near future, driven by an upcoming event, despite the analyst's acknowledgment of an imminent market correction.
In a recent video update, the pseudonymous crypto trader Rekt Capital, with a substantial following of 45,600 subscribers on YouTube, shares insights on Bitcoin's historical patterns following halving events that occur approximately every four years. Rekt Capital predicts that Bitcoin's price is likely to surge in the months following the upcoming halving, scheduled for April 2024, when miners' rewards will be halved.
Rekt Capital highlights the recurring trend where Bitcoin experiences lower prices before the halving, represented by the blue vertical line, and surpasses those levels afterward. Even previous all-time highs appear lower in comparison to pre-halving prices. Based on this historical pattern, Rekt Capital anticipates a breakout above the $55,000 region in the months immediately following the halving.
The analyst also cautions his 347,700 Twitter followers about a potential market correction for Bitcoin in the near term. Rekt Capital mentions that despite a recent upward movement, BTC faced resistance from a mini-parabola, resulting in a rejection and loss of the multi-day Higher Low (dotted blue). Currently, Bitcoin finds support at a green level, but a failure to maintain this support may lead to a decline towards the orange level over time.
Analyzing his chart, the analyst demonstrates that if Bitcoin fails to maintain support at the $29,887 level, there is a strong possibility of a dip to $29,225. As of the time of writing, Bitcoin is currently being traded at $29,750, experiencing a decrease of 0.7% within the last 24 hours.
BTC prediction today.
The previous support level at 29k474 has weakened significantly, practically becoming ineffective. BTC's nearest resistance that needs retesting: 30k217.
The nearest support level lies between 29k637-29k729. If a H2 close below 29k637 occurs, there is a high probability we will revert to the Key-level.
The crucial resistance to retest determining the following trend lies between 30k591-30k642.
=> If any H2 candlestick closes above this level, I will provide further plan updates.
The previous uptrend Key-level remains unchanged at 28k902. As long as this level holds, we haven't yet established a mid-term downtrend.
Jul 20, 2023