An expert crypto analyst has been widely followed and predicts a major rally in Bitcoin (BTC).
Pseudonymous crypto trader Rekt Capital told his 330,600 followers on Twitter that Bitcoin is expected to rise by more than 176% next year. This is based on its current value of $16,623 at the time of writing.
The analysts base their prediction on Bitcoin’s historical price movement using four-year cycle principles. The pattern shows that there are four-year-long candles at each stage of a market cycle. Candle one is the bullish peak, candle 2 is the bearish market, and candle 3 is the bottoming with potential upside. Candle 4 is the recovery phase and the beginning of a new trend.
Rekt projects a candle three upside in 2023 which would take the king asset as high as $46,000.
Technically speaking, the 2019 rally was the greatest that BTC Candle 3 has ever seen. BTC rallied in 2019 to Candle 1 (black) and Candle 2 resistance of $13,900. The 2023 Candle 3, technically speaking, could rally plus-180% to tag Candle 1 & 2 resistance at $46,000.
Rekt suggests more upside is unlikely.
The trader claims that Bitcoin’s all-time high price is more likely than ever, since it would typically occur in the fourth candle or first candle based on the pattern.
However, a BTC rally of over 316% is even more unlikely. BTC could rally to $68,000 at current prices, a plus-316% increase from current prices. However, old ATHs [all time highs] are usually reexamined in Candle 4 and Candle 1 at em>.
About the Author
Chris Munch is a professional crypto writer, researcher, and journalist with extensive experience in the cryptocurrency and blockchain space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. He has written numerous articles and research papers on a variety of topics, including market analysis, investment strategies, and the latest developments in the industry. With a background in finance and economics, Chris has a deep understanding of the economic and financial forces that drive the crypto market. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers. In addition to his writing, Chris is also a sought-after speaker and commentator on crypto and blockchain-related topics. He has appeared on numerous podcasts, webinars, and other events, sharing his knowledge and expertise with audiences around the world.
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Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
