Bitcoin Bottom Will Appear In Q4 This Year, According To Trading Expert

With Bitcoin (BTC) recording a bearish streak this past week as the $20,000 mark failed to hold, traders and investors alike are looking at its bottom and the timing of its formation in the near future.

According to top crypto trading analyst Rekt Capital, Bitcoin might reach its bottom before the end of 2022.

After analyzing previous Bitcoin bottoms, the expert determined in a tweet on September 19 that it might bottom 517-547 days before its future halving in April 2024, implying that the bottom could occur in the fourth quarter of 2022.

Rekt Capital also noted in its blog that the $20,000 – $23,350 range and the $20,000 support are weak and vulnerable to breaking.

The expert explained:

“Much can still change throughout the month, of course, but at the moment, the price action is telling a story which suggests that $20K may be flipping into new resistance on the Monthly timeframe, setting up for a confirmed breakdown from the range.”

The analyst also added that “in the instance that $20,000 indeed sees downside continuation from the $20,000 support, the next immediate supports are $17,165 and ~$13,900.”

According to Rekt Capital’s Historical Death Cross analysis, Bitcoin will create a bottom between $16,985 and $23,467, as its price is turning the 200-week moving average (MA) into fresh resistance.

He claims that in the most extreme scenario for the downside, the price might fall as low as $11,500, implying significant potential risk below the $13,900 monthly support.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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