A popular analyst closely followed by investors made a bold prediction and is confident about it. We have seen that experts who make such confident predictions become the subject of ridicule afterwards, but this individual has previously made successful predictions that have come true. What does his latest warning tell us?
RektCapital, a renowned cryptocurrency analyst, is a name that investors have been closely following for years. His popularity has increased significantly due to his ability to predict important price movements in the past. Of course, he does not have the ability to see the future and can make mistakes in his predictions, but he is very confident based on the chart he shared recently. If historical price performance repeats itself, Bitcoin will fall.
In addition to the chart he shared today, the popular crypto analyst wrote the following;
“You can argue as much as you want about whether 2023 is more similar to 2015 or 2019
But this will not change BTC‘s -24% performance in 2015 and -38% performance in 2019. Pre-halving 200-day decline period.”
If history repeats itself, the price of BTC could drop to $20,000 or even lower in the coming months. Most analysts expecting a decline find support in historical performance before halvings.
The analyst also shared his comments on SOL Coin and LINK today. While the Solana price has reached its annual TVL peak and recovered somewhat, it has not been able to gather more demand due to fluctuations in the price of BTC.
“There is another noteworthy aspect that both SOL and LINK share, despite their impressive rallies: they are still within their ranges.
For Solana, the price needs to surpass and confirm the $23.89 resistance as support. For now, this level continues to act as resistance.
Investors need to be cautious against false rallies.”
“It is always useful to look at potential downward scenarios until the highest range is reclaimed as support. Being right five times is better than being wrong once. And if you are wrong, you can correct the mistake in a pullback, which will probably be another but perhaps a more medium-term retest of the same level.”
The analyst believes that it would not be wise to enter into an uptrend for both cryptocurrencies without the critical resistance levels turning into support. Considering his negative expectation for BTC, these uptrends could be short-term.