Rekt Capital Predicts Bitcoin’s Price After FTX’s Implosion

A prominent crypto expert is going beyond last week’s FTX meltdown to assess the present status of the crypto markets.

Pseudonymous analyst Rekt Capital informs their 329,500 Twitter followers that Bitcoin’s fortunes will improve in the near future (BTC).

“A BTC Bull Market will take place one day.

But today is not that day.”

Rekt Capital also advises investors that a bull market will follow this bear market, followed by another bad market.

“People think BTC will never see another -80% Bear Market because it is now mainstream & too mature of an asset.

Let’s not forget there was a -53% correction just months ago

Average Bear Market is -84.5% deep

It’s very likely one will occur after this Bull Market.”

The expert then notes that Bitcoin has plunged 78% since October of last year.

“Over one year later [since October 2021] and BTC has retraced almost -78% so far.”

In light of this decline, Rekt predicts BTC will fall to $11,000 based on historical pattern.

“An average BTC Bear Market correction of -84.5% would see price drop to ~$11,000 in this cycle.”

The trader begins to steer the discussion toward the recent FTX debacle by stating that exchanges tend to fail during moments of volatility.

“In times of BTC capitulation manual dollar cost averaging at lower prices may be challenging

Exchanges tend to crash during intense volatility & can be difficult to buy BTC

Buy orders set beforehand can help you gain BTC exposure during extreme volatility.”

The expert then compares FTX to other defunct exchanges, like as Mt. Gox.

“In previous BTC cycles, it was Bitmex, earlier it was Mt Gox

Now FTX

It’s a pattern

Exchange contagion has become a historical tendency that occurs close to the absolute BTC Bear Market bottom

Survive the capitulation & you will flourish in the Bull Market.”

The expert ends by reminding investors that bear markets are followed by bull markets, which ultimately result in new all-time highs.

“In every cycle, BTC has made a new All-Time High

Current All-Time High is ~$69,000

Current price is $16,800 with scope for further downside

But the math is simple if you’re planning to make a great return over the long run in the next Bull Market.”

BTC is now selling at $16,863 at the time of this writing.