Crypto analyst Rekt Capital HT1_says Bitcoin will bottom in Q4 of this year, based upon historical details from a key Bitcoin event.
The Bitcoin network experiences what is known as “halving” approximately every four years. This means that at the end of this period, network rewards for miners have been cut in half.
Bitcoin could bottom in Q4 2022
As noted by the analyst, BTC price has reached a bottom well before the halving, as observed over since 2015.
“In 2015, BTC bottomed 547 days before the Halving. In 2018, $BTC bottomed 517 days before the Halving (discount March 2020 crash).”
The bottoms preceded the July 2016 block reward halving, which reduced miner rewards from 25 BTC to 12.5 BTC. The 2018 bottom preceded the third halving, which occurred in May 2020 and cut block rewards from 12.5 BTC to 6. 25 BTC.
Regarding the previous halvings:
“If Bitcoin is going to bottom 517-547 days before the upcoming April 2024 halving … then the bottom will occur in Q4 this year.”
The analyst suggests that October or November is the best time to do this and to see what happens to Bitcoin’s price. Bitcoin could experience a variety of price scenarios, including accumulation and a slow bleed.
“But BTC has dropped so much lately that it’s difficult to think the bottom won’t be in sooner. How could we get a Q4 2022 bottom? He tweeted, “Slow-bleed, some relief and lots of consolidation.”
He thinks the consolidation to extend as far as December 2022.
If #BTC continues to hold the orange 200-week MA as support and the black 200-week EMA figures as resistance…$BTC could form an Accumulation Range here, just like in 2018
This would enable multi-month consolidation to even as far as December 2022#Crypto #Bitcoin pic.twitter.com/TmpX8Gu92g
— Rekt Capital (@rektcapital) June 15, 2022