Potential Retracement For Bitcoin
As the fourth BTC Halving approaches, there is speculation about what direction Bitcoin’s price will take. Rekt Capital, a well-known cryptocurrency analyst, has shared his projections on the matter and compared it to past trends.
In one of his YouTube videos, Rekt Capital discusses the “next possible steps” for BTC and highlights a potential breakout from its macro downtrend.
He focuses on the reaccumulation range that formed before the 2015-2016 halving event and draws comparisons to the current 2023-2024 period. He notes that both periods have similar trends, particularly in terms of reaccumulation before the halving.
Rekt Capital suggests the possibility of a retracement around the halving event, similar to what happened in 2015-2016. However, he emphasizes that retracements are often brief and expects a price increase for Bitcoin afterward.
This surge could lead to a new support level at $46,000 and potentially surpassing its old all-time high.
Factors That Boost BTC Value, ETFs Excluded
Samson Mow, CEO of Pixelmatic, has highlighted several factors that contribute to Bitcoin’s value. He took to X (formerly Twitter) to emphasize these factors and refute claims about Bitcoin Spot ETFs.
Mow believes that scarcity, utility, and the failure of fiat currencies amplify Bitcoin’s value. However, he argues that BTC Spot ETFs do not have an impact on its value.
Mow’s response came after Jim Cramer, host of CNBC’s “Mad Money,” claimed that BTC ETF approval led to a decline in price as no one showed up. Mow disagrees with this statement and points out the net inflow and accumulation by companies like BlackRock and Fidelity.
Hot Take: Bitcoin’s Path After the Halving
Rekt Capital’s analysis suggests that Bitcoin may experience a retracement around the halving event, similar to past cycles. However, these retracements are often short-lived, and Bitcoin is expected to see a price increase afterward.
If history repeats itself, this surge could establish a new support level at $46,000 and potentially propel Bitcoin to surpass its previous all-time high. Factors such as scarcity, utility, and the failure of fiat currencies contribute to Bitcoin’s value, according to Samson Mow. Despite claims that BTC Spot ETFs affect its value, Mow argues that they do not play a significant role.
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