As the upcoming fourth BTC Halving event approaches, the cryptocurrency community is abuzz with discussions and speculations about the future price movements of Bitcoin. Among those who have weighed in on this issue is Rekt Capital, a well-known cryptocurrency analyst and enthusiast. In his latest YouTube predictions video, Rekt Capital shared his insights on the possible directions that BTC could take following its recent breach from the macro downtrend. In this article, we will delve into Rekt Capital’s analysis and compare it to past trends to gain a better understanding of the potential paths that Bitcoin may follow.
Rekt Capital’s analysis revolves around a comparison between the reaccumulation range that formed prior to the halving event in the 2015-2016 period and the current 2023-2024 period. He emphasizes the similarity between these two periods, particularly the reaccumulation that occurred a few months before the halving. According to Rekt Capital, this reaccumulation may pave the way for a retracement around the Bitcoin halving event.
Rekt Capital suggests that the reaccumulation range break could trigger a retreat in the price of Bitcoin. He draws an analogy to the cycle of 2015-2016, where a comparable rejection from a resistance level prior to the halving led to a possible retreat. However, Rekt Capital highlights that these retracements are often short-lived. After the retracement, he believes that Bitcoin will experience a significant price increase.
According to Rekt Capital, the price surge following the retracement will establish the $46,000 price level as a new support level for Bitcoin. This development will pave the way for Bitcoin to touch its old all-time high and potentially go beyond it. In other words, Rekt Capital envisions a path for Bitcoin to reach a new all-time high, driven by the price increase that follows the retracement.
In addition to Rekt Capital’s analysis, Samson Mow, the CEO of Pixelmatic, also sheds light on factors that contribute to Bitcoin’s value. According to Mow, scarcity, utility, and the failure of fiat currencies play vital roles in amplifying Bitcoin’s value. Mow dismisses the notion that BTC Spot Exchange-Traded Funds (ETFs) influence the token’s value, countering a claim made by CNBC’s “Mad Money” host Jim Cramer. Cramer had asserted that the approval of BTC ETFs did not attract significant interest and caused a decline in price. Mow refutes this claim, pointing out the net inflow and highlighting the presence of notable investors like BlackRock and Fidelity.
Analysts like Rekt Capital and industry figures like Samson Mow provide valuable insights into the potential paths that Bitcoin’s price could take. Rekt Capital’s comparison between the reaccumulation ranges of the 2015-2016 period and the current 2023-2024 period offers an interesting perspective on the upcoming BTC Halving event. Meanwhile, Mow’s emphasis on scarcity, utility, and the failure of fiat currencies provides a broader understanding of the factors contributing to Bitcoin’s value. As always, it is important for investors to conduct their own research and analysis before making any investment decisions in the volatile world of cryptocurrency.