Only a few weeks ago, RektCapital seemed sure about BTC‘s decline and now has a significant misjudgment in his report card. BTC’s movement in the opposite direction to his predictions not only misled him but also QCP analysts. The analysts were stating that unless there’s a closing above $32,000, the price would continue its downward trend this year. Furthermore, Elliot wave counts were confirming this.
Bitcoin (BTC) Crypto Commentary
However, as always, BTC moved in its desired direction and not as projected. RektCapital suggests 2023 will be a completely different phase for Bitcoin. At this point in its four-year formation, the BTC/USD should be testing support, not resistance, the analyst said, comparing the current situation to March 2020.
But there’s one thing to remember. Those expecting a more negative environment and pointing to BTC’s past peak price declines overlooked something. As previously mentioned, BTC being 60% below its ATH was in line with previous cycles. This suggested that the price appeared to have already undergone its pre-halving drop and extended horizontal movement due to being oversold.
In his recent posts, RektCapital mentioned that any significant pullback would be a major buying opportunity.
Ripple (XRP) Coin Commentary
The price isn’t increasing as expected because Ripple’s issue is fundamental, rather than technical. The ball is in the SEC’s court, and it will become clear whether there is a settlement before November 9. Even if the SEC steps back, given the many hits it has taken, the agency may adopt a different attack strategy to restore its reputation. This seems to be influenced by the weakening risk appetite of investors and resistances turning into selling zones.
The bulls managed to push the price above the range’s resistance on October 24, but the long tail on the candlestick indicates bears doing their utmost. If there are no strong closings above $0.56 despite this increase in BTC’s price and the range between $0.58 and $0.65 cannot be breached, there’s a significant issue. At this stage, it’s hoped that profit-taking subsides and more news related to the lawsuit will alleviate fears.
Disclaimer: The information in this article does not contain any investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk. They should conduct transactions based on their research.
