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An analyst who accurately called Bitcoin’s pre-halving pullback this year is mapping out what he believes could be the most bearish price path for BTC.

In a video update, pseudonymous analyst Rekt Capital tells his 86,100 YouTube subscribers that Bitcoin historically goes through a four-year cycle based on the halving – when BTC miner rewards get slashed in half.

Looking closer, Rekt says Bitcoin had to deal with a “three-year resistance” level in every four-year cycle – dating back to as early as 2013.

According to the analyst, Bitcoin had to breach its three-year resistance at around $700 in 2017 and $13,856 during the 2021 cycle before printing a market top.

For this cycle, Rekt says the three-year resistance level stood at $46,000, which BTC has already taken out.

But the trader notes that Bitcoin may revisit the area to retest it as support before sparking the next leg up.

“If we look at the dynamics of how this transition occurs, candle four tends to set up potential retests of this three-year resistance into new support to propel price to new all-time highs and beyond…

If we focus on candle four and the halving year candle, there is always scope for the retest during the year of that three-year resistance, from resistance into new support… And it looks like there is potential scope for a retest of this level into new support. That would mean that we need to drop into $46,000 for that retest. That would mean that we need to drop 19% this month.” 

Source: RektCapital/YouTube

While the trader thinks that a drop to BTC $46,000 this month is within the realm of possibility, he highlights that it is a low-probability event given that Bitcoin is in a halving year, and not in a bear market.

At time of writing, Bitcoin is trading at $54,197, up slightly on the day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Trader Who Nailed Pre-Halving Bitcoin Correction Outlines Worst-Case Scenario for BTC– Here’s His Forecast appeared first on The Daily Hodl.

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The post Is Crypto Doomed or Ready For a Comeback? Legendary Crypto Analyst Weighs In appeared first on Coinpedia Fintech News

The mood in the crypto world is dull, with the total crypto market cap plunging nearly 30% from its peak of $2.89 trillion in March 2024, when Bitcoin hit a new all-time high. Meanwhile, it is currently down to $1.93 trillion, leaving many investors feeling disheartened and fearing the worst.

But don’t lose hope just yet, Lark Davis, a well-known crypto analyst, has some key facts that could signal a potential rebound for the crypto world.

The Current Market Downturn

Since Bitcoin reached its all-time high of $74K in March, it’s been a rough ride. The price has dropped nearly 25% to $54,320, and many altcoins have plummeted by 80-90%. 

Even, Ethereum, which was once a star performer, has fallen behind even traditional assets like bonds this year. This disappointing performance has left investors feeling frustrated.

Meanwhile, the hype around memecoins and platforms like Pump.fun has led to significant losses. While Pump.fun made millions in fees, its meme coins quickly became worthless. 

Many new projects launched and NFTs that excited investors have also failed to deliver, resulting in a significant loss. Overall, the crypto market is facing major setbacks, with excitement failing to turn into lasting success.

Fundamental Strength Amidst Bearish Trends

Despite the current bearish sentiment, Davis highlights that the fundamental aspects of the crypto industry remain strong. However, the On-chain activity is at an all-time high, and there are significant advancements in adoption, regulation, and infrastructure. 

The crypto market is bleeding hard.

Is the bull market over?

Should we sell everything and run for the hills?

Find out in my latest video. https://t.co/8qhr20KmL0

— Lark Davis (@TheCryptoLark) September 7, 2024

This indicates that the gap between market prices and real growth shows that the current drop might not show the true potential of the crypto world.

Current Market Challenges

Furthermore, Davis acknowledges the current difficulties, including worries about a potential recession, geopolitical issues, and economic uncertainties. However, he encourages investors to adopt a long-term perspective. Historical trends show that markets tend to recover from downturns, and Bitcoin has proven resilient over time.

For example, even if you had bought Bitcoin at its peak in 2021 and continued investing regularly, you would still see significant gains today. This highlights the importance of patience and steady investment.

Looking Ahead?

While the current market conditions are challenging, Davis remains optimistic about the future. He points to upcoming potential catalysts, such as the post-halving market cycle and potential regulatory changes, which could positively impact the crypto space

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