A widely followed crypto analyst is diving deep into Bitcoin (BTC), laying out a timeline for the king crypto’s next all-time high (ATH).
Pseudonymous trader Rekt Capital gives their 330,800 followers a time window for BTC’s next peak.
“According to the Four Year Cycle theory, a new BTC All Time High would occur at the soonest in Candle 4 (2024) & at the latest in the new Candle 1 (2025)
If a new ATH were to occur in the 2024 Candle 4, it would occur months after the April 2024 BTC Halving.”
Rekt further explains their reasoning in a follow-up tweet.
“Historically, a strong indicator of where the BTC bottom is is when the bearish BTC Candle 2 performs its Yearly Close.
And whatever downside wicking occurs in the following Candle 3 is just a bonus for bargain buyers.”
Rekt also breaks down Bitcoin’s relative strength indicator (RSI), a momentum indicator that points to possible trend reversals. The analyst compares BTC’s current RSI to its own historical precedent.
“Monthly BTC RSI has reached new All Time Lows this month
RSI has been downtrending channel (orange) since turning past Bear Market Bottom area (green) into new resistance
A channel breakout could be a strong signal that BTC is ready for a macro trend shift.”
Rekt also says BTC price levels could potentially be approaching “peak financial opportunity.”
“As BTC is set to form a new Candle 3 in its current Four Year Cycle…
It is worth remembering that downside wicking in a Candle 3 has historically represented peak financial opportunity.”
Finally, the analyst drives home their point about why it’s important to keep an eye on candle three in the four-year cycle theory.
“Upcoming BTC Candle 3 in 2023 is a Bottoming year
But the 2024 Candle 4 is a Reversal year during which the BTC Halving occurs
Historically Candle 4 has at least eclipsed the preceding Candle 1 & Candle 2 resistance and at best rallied to a new All Time High.”
Bitcoin is trading for $16,525 at time of writing.
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The post Top Crypto Analyst Goes Deep on Bitcoin (BTC), Calling for New All-Time Highs in 2024 After a 2023 Bottom appeared first on The Daily Hodl.
