Crypto Trader Predicts, BTC Will Reach $55,000 In The Near Future
A renowned cryptocurrency analyst expects Bitcoin (BTC) to surpass $55,000 after a certain imminent event, but he also predicts a short-term market slump.
The 45,600 YouTube subscribers of anonymous cryptocurrency trader Rekt Capital are informed in a new video update that Bitcoin will probably follow past trends and skyrocket in price just months after halving events, which take place every four years.
The second Bitcoin halving will occur in April 2024, when the rewards given to miners will be halved.
“Now we know that Bitcoin tends to enjoy lower prices prior to the halving. So, if you look at this blue vertical being the pre-halving prices then of course even this price is lower than these prices and these prices. Even the old all-time highs are lower pre-halving prices than post-halving. And you see this across time that we actually break beyond a major all-time high resistance here in the immediate months after the halving.
So the same will happen here post-halving. We’re going to break the $55,000 region in the immediate months after the halving, as we’ve seen in the past. So pre-halving prices are always going to be lower than post-halving prices. And that’s just been a cyclical thing, a cyclical recurring theme in the Bitcoin price history.”
The expert informs his 347,700 Twitter followers that he anticipates a market correction for Bitcoin in the near future.
Rekt states:
“Even on BTC’s recent move up, the mini-parabola continued to act as resistance.
BTC has since rejected and even lost the multi-day Higher Low (dotted blue).
Now at green support. Lose this green level and orange could be next over time.”
