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A popular cryptocurrency analyst says Bitcoin (BTC) is set to crash later this year, only to rebound in 2023.
In a new video update, Rekt Capital says His 45,100 YouTube subscribers what to expect from the crypto king over the next six months.
The analyst examines previous market cycles in relation to the Bitcoin halving, which occurs when BTC mining rewards are halved every four years.
“About 450 to 400 days before the halving event, we see the end of the macroeconomic downtrend.
That’s what it’s about.
An ending macroeconomic downtrend and a new macroeconomic uptrend. And that coincides with exiting the accumulation range.”
Looking at this historical pattern, Rekt Capital predicts the next bottom of the BTC market over the next scheduled halving.
“We will see a rise to a new macroeconomic uptrend at the end of the 1st quarter of 2023. What this also means is that we will probably see a bottom in the fourth quarter of this year, maybe even in November.”
BTC is trading at $23,143 at the time of writing.
The analyst too peeping a look at the Ethereum (ETH)-based Oracle Chainlink (LINK) platform, seemingly confirming LINK’s recent inception.
“LINK successfully retook the top of the Falling Wedge as support, confirming the breakout
All LINK needs now is to watch volume from the buy side to ensure the trend continues beyond the $7.78 black resistance.”
Chainlink is up 6% in the last week, currently at $7.68.
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Disclaimer: The views expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and transactions are at your own risk and that any losses are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Giovanni Cancemi/Sensvector
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