Experienced crypto analyst Rekt Capital shared his latest expectation about the crypto king Bitcoin (BTC) while commenting on what’s next for the biggest memecoin Dogecoin (DOGE).
The Analyst’s Bitcoin Evaluation
Anonymous crypto analyst Rekt Capital said that he plans to dollar-cost average into BTC in preparation for the Bitcoin halving event. The analyst stated, “My plan is to dollar-cost average for the remainder of the period before the halving event as preparation for the parabolic rise that comes after the halving event.”
Bitcoin’s halving event is a programmed event that occurs every four years, reducing the BTC reward per block that new miners receive by 50%, making Bitcoin scarcer and more valuable over time. The next halving event is expected to take place in April 2024.
Dollar-cost averaging is a strategy of investing a fixed amount of money into an asset at regular intervals, regardless of the asset’s price. This helps investors reduce their risks and lower their average costs over time.
Rekt Capital, who also analyzed the candlestick chart of Bitcoin, stated, “BTC entered the 3rd candle. We will be rewarded on the 4th candle and the 1st candle.”
A candlestick chart is a type of financial chart used to describe the price movements of a security, derivative, or currency. Each candlestick represents four important pieces of information for that period: the open, close, high, and low.
Consolidation in Dogecoin
Rekt Capital, who examined Dogecoin in the Altcoin Bulletin, stated that despite the recent downward movement of the biggest memecoin, it can still be expected to make a bullish breakout. He said:
If DOGE continues to hold the channel bottom as support, this bullish breakout could be very good and could allow the price to revisit the top of the channel over time.
From a macro perspective, DOGE will consolidate within this channel until the next announcement.
