Crypto Industry News:
A well-known industry expert shares with followers his analysis on the potential future of the Bitcoin cryptocurrency. Ahead of the expected halving scheduled for April 2024, Rekt Capital, a crypto expert who holds over 360,000 followers on the X platform, suggests that Bitcoin could repeat some historical price trends.
When analyzing the situation, Rekt Capital refers to two years: 2015 and 2019. In 2015, which was also the year preceding the halving, Bitcoin entered the phase of multi-month accumulation. If this pattern repeats, we can expect the price to stabilize for a longer period of time. At least in the coming weeks.
However, 2019, another year before the halving, saw Bitcoin drop in value by over 40%. Is it possible that history will repeat itself? Rekt Capital says such "worst-case scenarios" typically have a low probability. But if this were to happen, Bitcoin could fall as low as $20,000 in the next five to six months.
The expert further notes that when Bitcoin reaches new yearly highs, as it did in 2023, the price becomes extremely volatile. Can we expect a deeper drop below $25,000? There has been significant volatility in the past after new annual highs have been reached, particularly in 2019 and 2020.
Technical Market Outlook:
The BTC/USD pair has made a three wave pull-back from the new local high located at the level of $35,227 and broke below the short-term trend line support around the level of $34,386. Currently, the market is moving lower towards the level of $34,055 which will act as the intraday technical support. The intraday technical resistance is seen at $34,386 and the next target for bulls is seen at the level of $37,142. The momentum remains weak and negative, so the bears have a temporary control of the market. Please keep an eye on the monthly candle close today.
Weekly Pivot Points:
WR3 - $35,103
WR2 - $34,711
WR1 - $34,493
Weekly Pivot - $34,319
WS1 - $34,102
WS2 - $33,927
WS3 - $33,538
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $37,142. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
