A Historical Analysis of Bitcoin’s Patterns
A well-known crypto analyst, Rekt Capital, is examining the historical patterns of Bitcoin (BTC) to make predictions about its future behavior. According to Rekt Capital, if BTC follows the same pattern it displayed in 2019, it is likely to experience further declines before bouncing back.
Rekt Capital also suggests that BTC is currently testing a trendline as resistance, which could potentially turn into support. This trendline tends to be retested as new support months after the halving event. After this retest, BTC typically experiences a rally to new all-time highs within 3-5 months.
Predictions for Polkadot (DOT) and TomoChain (TOMO)
In his altcoin newsletter, Rekt Capital discusses the potential future movements of Polkadot (DOT) and TomoChain (TOMO). Rekt Capital believes that DOT still has room for further downside continuation. The bottom of the orange area may be retested as support in the future, and if there is little reaction, DOT may establish an accumulation range at new lows.
Regarding TOMO, Rekt Capital speculates that it could see an upside wick. A monthly close above the green range high or a successful retest of that level is needed to propel TOMO into the red resistance area. There is reason to believe that the green range may be acting as a re-accumulation range for TOMO.
Bitcoin and Altcoin Prices
At the time of writing, Bitcoin is valued at $26,760. Polkadot is trading for $3.68, while TomoChain is worth $1.47.
Hot Take: Analyzing Bitcoin’s Future Based on Historical Patterns
Rekt Capital’s analysis of Bitcoin’s historical patterns suggests that the cryptocurrency may experience further declines before rebounding, similar to what happened in 2019. Additionally, BTC is currently testing a trendline as resistance, which could potentially become support in the future. These patterns indicate the possibility of a rally to new all-time highs within 3-5 months after a key retest. However, it is important to note that past performance does not guarantee future results, and market conditions can always change.
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