A widely followed crypto analyst says that we’re entering into the final phase of Bitcoin’s (BTC) bear market.
Pseudonymous crypto trader Rekt Capital tells his 387,000 Twitter followers that the king crypto could see an enormous increase in price after finding its bear market bottom in the fall or winter.
“Most of this BTC bear market is behind us already and an entire bull market is ahead of us. Whether the BTC bear market bottom takes place in November, December, or early Q1 of 2023…
The reality is that this BTC bear market is slowly ending and there’s much to look forward to.”
Rekt Capital says the data points to a massive 200% eruption for the top crypto asset by market cap, but notes there’s one caveat – the leading digital asset could still fall further before eventually quadrupling in price.
“Not buying now will cost you more in the long-term than it could cost you in the short-term.
Sure, one could argue that in the short-run BTC could still go down -5% or -10%.
But over the long run, history suggests BTC will likely rally over +200% from here.”
According to the analyst, Bitcoin’s latest dip below $20,000 could be part of a long-term trend that has seen BTC dip into the red as the week closes or the start of a breakdown.
“BTC is dipping below $20,000 support (green).
But even over the past few months BTC has shown it can downside wick below green on the weekly.
A weekly close below green would bring BTC closer to a confirmed breakdown but this could still just end as a wick.”
BTC is changing hands for $19,296 at time of writing, a 1.85% gain on the day.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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