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Famous cryptocurrency analyst and trader Rekt Capital has warned that there will be a correction decline in the market in the short term. The analyst predicted that the largest cryptocurrency Bitcoin will surpass the $55,000 level after an upcoming event.
According to the Analyst, “Bitcoin to Reach $55,000” Will Take Until April 2024
Cryptocurrency analyst Rekt Capital stated in his latest market evaluation that Bitcoin will repeat a historical model after the halving event, which occurs every four years, and its price will rise just a few months after the event.
Rekt Capital explained his expectation regarding the pre and post-halving period in BTC as follows:
We know that Bitcoin tends to have lower prices before the halving. Therefore, the price before the halving can be even lower than the current price. Even the previous all-time high prices are lower than the pre-halving prices, and we see this when we break the all-time high resistance level shortly after the halving.
The same thing will happen after the halving. As we have seen in the past, we will surpass the $55,000 region shortly after the halving. So pre-halving prices will always be lower than post-halving prices, and this is just a cyclical thing. It is a theme that the Bitcoin price cyclically repeats in its history.
The analyst emphasized that the next halving event for BTC is expected to take place in April 2024.
Pay Attention to $29,887 in Bitcoin
Rekt Capital also stated that he expects a market correction in Bitcoin in the short term. He said, “Even in its recent rise, BTC continued to act as a mini-parabolic resistance. Since then, BTC has fallen to the multi-day rising support level (dotted blue) and even broke below this support. Now it is at the green support. If we lose this green level, the orange level may come over time.”
Looking at the price chart shared by the analyst, it can be seen that the largest cryptocurrency expects Bitcoin to drop to $29,225 if it closes below the $29,887 level on the daily time frame.
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