Benzinga - One of the top crypto traders and the pseudonymous strategist Rekt Capital recently shared his outlook on Bitcoin (CRYPTO: BTC).
He laid out a timeline for Bitcoin’s next all-time high on his Twitter feed.
“According to the Four-Year Cycle theory, a new BTC All Time High would occur at the soonest in Candle 4 (2024) & at the latest in the new Candle 1 (2025),” he said in the Twitter post.
According to the Four Year Cycle theory, a new #BTC All Time High would occur at the soonest in Candle 4 (2024) & at the latest in the new Candle 1 (2025)Rekt Capital said he is upbeat about BTC’s all-time high level, “Historically, a strong indicator of where the BTC bottom is when the bearish BTC Candle 2 performs its Yearly Close.”If a new ATH were to occur in the 2024 Candle 4, it would occur months after the April 2024 $BTC Halving#Crypto #Bitcoin pic.twitter.com/Mp2T61MqCE
— Rekt Capital (@rektcapital) December 30, 2022
Historically, a strong indicator of where the $BTC bottom is is when the bearish #BTC Candle 2 performs its Yearly CloseHe mentioned Bitcoin’s relative strength indicator (RSI), which indicates possible trend reversals.And whatever downside wicking occurs in the following Candle 3 is just a bonus for bargain buyers#Crypto #Bitcoin pic.twitter.com/j7nRL95kf7
— Rekt Capital (@rektcapital) December 30, 2022
Monthly #BTC RSI has reached new All Time Lows this monthThe crypto analyst also said that BTC price levels could potentially be approaching a “peak financial opportunity.” He spoke about why it’s essential to keep an eye on candle three in the four-year cycle theory.RSI has been downtrending channel (orange) since turning past Bear Market Bottom area (green) into new resistance
A channel breakout could be a strong signal that $BTC is ready for a macro trend shift#Crypto #Bitcoin pic.twitter.com/hMJtmIypla
— Rekt Capital (@rektcapital) December 30, 2022
As #BTC is set to form a new Candle 3 in its current Four Year Cycle...“Upcoming BTC Candle 3 in 2023 is a Bottoming year. But the 2024 Candle 4 is a Reversal year during which the BTC Halving occurs. Historically Candle 4 has at least eclipsed the preceding Candle 1 & Candle 2 resistance and at best rallied to a new All-Time High,” he said in the Twitter post.It is worth remembering that downside wicking in a Candle 3 has historically represented peak financial opportunityhttps://t.co/ZnZqEHVj3j$BTC #Crypto #Bitcoin pic.twitter.com/dc8uc4geHd
— Rekt Capital (@rektcapital) December 30, 2022
At the time of writing, Bitcoin was trading at $16,584, down by 1.5% in the last seven days.
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