Trader Warns Bitcoin Reversal Likely Based on Historical Precedent, Updates Outlook on Chainlink

By The Daily Hodl October 04, 2023 In Bitcoin, Chainlink

A widely followed crypto analyst says Bitcoin (BTC) may be on the verge of a final leg to the downside.

Crypto trader Rekt Capital tells his 355,900 followers on the social media platform X that BTC is about to test its bull market support band.

“Bitcoin is now trying to retest the bull market support band as support.

If successful, Bitcoin will likely revisit the lower high resistance again (blue).

Advertisement

But if history is any indication, BTC shouldn’t be able to hold above the EMAs (exponential moving averages) for too long.”

Source: Rekt Capital/X

According to the analyst, BTC could potentially peak in the fall of 2025.

“If history repeats itself…

Next bull market peak could occur 518-546 days after the halving.

That’s mid-September 2025 or mid-October 2025.”

Source: Rekt Capital/X

In the midst of his predictions, Rekt Capital points out that any immediate downtrend could represent last-chance opportunities for BTC traders in the long game.

“If you think about it…

The next 140 days may present the last EVER opportunity to buy in the low or even sub-$20,000s”

Source: Rekt Capital/X

BTC is worth $27,383 at time of writing, down 2.7% in the last 24 hours.

Touching on blockchain oracle Chainlink (LINK), Rekt Capital foresees LINK’s price moving up after some chop.

“The macro downtrend is over. But the macro range is not. If Chainlink can’t break the range high resistance soon…

Continued consolidation inside the macro range is likely, which could enable a retest of the broken macro downtrend itself.”

Source: Rekt Capital/X

LINK is worth $7.45 at time of writing, down 3.5% in the last 24 hours.

Generated Image: Midjourney

Published on

The Daily Hodl

View the full article

You may also like