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This Top Analyst Says History Suggests Bitcoin (BTC) Is Yet To Bottom, Sets His Price Target

Rekt Capital, a pseudonymous crypto analyst and trader is observing one key metric to determine whether Bitcoin (BTC), the largest cryptocurrency by market capitalization, has finally bottomed in the current bear market.

In a thread of tweets shared a while ago with his teeming Twitter followers, the popular analyst described how the price of Bitcoin (BTC) is affected by its exponential moving average (EMA), a calculation where the most recent data points greater significance.

Read Also: Analyst Who Accurately Called Bitcoin May 2021 Crash Predicts Potential BTC Rally. Sets a Target

Rekt Capital tweeted, “BTC tends to confirm uptrends when it breaks above the blue 50-week EMA $BTC tends to confirm maximum financial opportunity when it reaches & breaks down from the black 200-week EMA Is the BTC bottom in already or is there more downside to come?”

In his analysis, the chartist also referenced a lot of significant past price moves, such as that of 2015, 2018, and 2020 before explaining that Bitcoin (BTC) is likely yet to bottom because its price remains 66% off from the 50-week EMA (WEMA).

Rekt Capital noted further:

“Key takeaway is that the first BTC bottom tends to form at least ~100% away from the blue 50-week EMA. And the second BTC bottom tends to form ~50-70% away from the 50 WEMA.

If this continues to be true then BTC hasn’t yet bottomed in this cycle… because the current local BTC bottom is 66% away from the blue 50-week EMA.

Typically the first BTC bottom is ~100% away and the second bottom 50-70% away from the 50 WEMA. This current situation resembles ‘second bottom behavior more than ‘first bottom’ price action.”

Read Also: Bloomberg Senior Strategist: Bitcoin (BTC) Will Be One of the Best Assets on Earth Once Inflation Subsides

Rekt Capital Expects Bitcoin at $20,000 Level before reaching Bottom

The chart guru concluded his analysis by targeting a price fall to relatively $20,000 for Bitcoin (BTC) before touching a cycle bottom. He said such a trend will historically satisfy the general tendency of Bitcoin to revisit its previous all-time highs before a new meteoric rally.

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“Should BTC once again repeat a 100% separation from the blue 50-week EMA…

Then that could suggest a BTC bottom close to the ~$20,000 area. This would satisfy the general tendency of previous BTC all-time highs not being revisited during corrective periods.”


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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
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