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Crypto Trader Pins Date on Bitcoin Turnaround, Says One Ethereum-Based Altcoin Is Breaking Out

dailyhodl.com 05 August 2022 18:26, UTC
Reading time: ~2 m

A popular crypto analyst says Bitcoin (BTC) is scheduled to bottom later this year, only to rebound in 2023.

In a new video update, Rekt Capital tells his 45,100 YouTube subscribers what to expect from the king crypto for the next six months.

The analyst looks at previous market cycles in relation to Bitcoin halvings, which occur when BTC mining rewards are cut in half every four years.

“Around 450 to 400 days prior to the halving event, we see the macro downtrend end.

That’s what it’s about.

A macro downtrend ending and a new macro uptrend beginning. And this coincides with leaving the accumulation range.”

Looking at this historical pattern, Rekt Capital predicts the next BTC market bottom in relation to the next planned halving.

“We will see a breakout into a new macro uptrend in late Q1 of 2023. What that also signifies is that we probably will see a bottom in Q4 of this year, maybe even November.”

BTC is trading for $23,143 at time of writing.

The analyst also peeks a gander at Ethereum (ETH)-based oracle platform Chainlink (LINK), seemingly confirming LINK’s recent breakout.

“LINK has successfully retested the top of its Falling Wedge as support, confirming the breakout

All LINK needs now is buy-side volume follow-through to ensure trend continuation beyond the black $7.78 resistance.”

Source: RektCapital/Twitter

Chainlink is up 6% over the last week, currently going for $7.68.

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