Crypto Trader Breaks...

Crypto Trader Breaks Down Bitcoin (BTC) Pre-Halving Trends, Anticipates More Volatility Ahead

By The Daily Hodl October 07, 2023 In Bitcoin

A widely followed crypto analyst is plotting out Bitcoin’s (BTC) most likely moves as the king crypto approaches a halving next year.

Pseudonymous crypto trader Rekt Capital tells his 357,300 followers on the social media platform X that regardless of BTC’s next move, the flagship crypto asset will be worth around $30,000 heading into April 2024.

“BTC

Whether Bitcoin breaks out soon

Or breaks down soon

History suggests we’ll still see Bitcoin around the ~$30,000 region going into the Halving.”

More immediately, Rekt Capital says BTC has found some support.

“BTC has rejected from the Lower High resistance

But is now holding the Bull Market Support Band cluster of moving averages as support.”

Despite a slight rally to start October, the analyst says BTC has retraced most of its gains.

“BTC

Rallied +5% this October but retraced most of the move.

Historically, we’ve seen upside wicks of up to +8% beyond a key Monthly resistance.

If BTC Monthly Closes below black this month -> rejection.

However, reclaim it as support and BTC will move higher.”

Regardless of what move BTC makes next, Rekt Capital reiterates his belief that BTC will valued at around $30,000 in April 2024, the expected date for the next halving.

“BTC

Pre-Halving year tends to see both upside and downside volatility throughout the year.

Chances are we’ll still see these prices at the Halving.

Whether BTC breaks out soon — price will correct after it.

Whether it’s a breakdown — BTC will recover from it.”