A closely followed analyst in the cryptocurrency markets suggests that the leading cryptocurrency will make a major move due to approaching halving next year. Despite experiencing declines this year, the analyst claims that Bitcoin (BTC) will rise after the halving.
$30,000 Target for BTC!
Expert cryptocurrency analyst Rekt Capital stated on the social media platform X that regardless of BTC’s next move, the flagship cryptocurrency will be valued at approximately $30,000 by April 2024. The analyst stated the following in his comments:
Bitcoin continues to trade around $30,000 towards the halving. BTC has rejected its lower high resistance. However, the bull market is currently holding the support cluster of moving averages as support.
Despite a slight increase in October, the analyst stated that BTC has lost most of its gains. He said the following about the matter:
Bitcoin increased by 5% this October but retracted most of the movement. Historically, we have seen upward wicks of up to 8% beyond significant monthly resistance levels. If BTC closes below $27,164 this month, it could be rejected. However, if it reclaims this level as support, BTC will rise even further.
“The Rise Date in BTC”
Regardless of BTC’s next move, Rekt Capital reiterates his belief that the cryptocurrency will be valued around $30,000 by the expected date of the next halving in April 2024. The expert stated the following in his comments:
BTC tends to experience both upward and downward movements throughout the year leading up to the halving. We will likely continue to see these prices during the halving. Whether it’s a crash or not, BTC will recover from this situation.
At the time of writing, BTC is trading at $27,523, experiencing a 0.8% decrease in the last 24 hours.
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