A popular crypto analyst is predicting when Bitcoin (BTC) could bottom out based on BTC’s performance during the 2015 and 2018 bear markets.
Pseudonymous crypto strategist Rekt Capital his 322,100 Twitter followers he believes Bitcoin will continue to trade in a choppy environment despite flashing oversold signals.
“This sort of uneventful BTC price action can still continue for quite a while. But that doesn’t change the conclusions of many data science models suggesting that price is tremendously oversold.”
Rekt Capital also shows that BTC’s monthly relative strength index (RSI) is currently hovering below the lowest levels of the 2015 and 2018 bear markets. The RSI is an indicator used by traders to gauge the momentum of an asset’s trend. A falling RSI suggests strong bearish momentum.
“BTC monthly RSI has flicked up this month.
But it’s a possibility that this flick up is to turn the green area – home to 2015 and 2018 bear market bottoms – into new resistance.”
With Bitcoin’s short-term outlook looking less than stellar, Rekt Capital believes BTC is months away from placing a generational bottom.
“BTC has around ~650 days until its next Halving.
Historically, BTC has bottomed ~517-547 days prior to its Halvings.
If history repeats, BTC needs to ‘waste’ 100-150 days before bottoming.
Best way to burn time is via extended consolidation or relief rallying…
If Bitcoin is going to bottom 517-547 days before the upcoming April 2024 Halving, then the bottom will occur in Q4 this year.”
