Here’s Why Bitcoin (BTC) Could Bottom Out At $23K
Popular analyst Rekt Capital believes the BTC price will form a bottom at around $23k to the 200-week moving average (200-WMA). In fact, the recent Bitcoin recovery could be short-lived as historically, Bitcoin had formed macro double bottoms at the 200-WMA.
The Bitcoin (BTC) price is currently trading sideways above $31,500 levels, rising higher in the last 2 days.
Rekt Capital Shares Insight on Macro Double Bottoms at 200WMA
Bitcoin (BTC) formed macro double bottoms in 2015 at the 200-WMA, with an accumulation range of 287 days. In 2018, Bitcoin formed a bottom at the 200-WMA, with an accumulation range of 112 days. The second bottom occurred in March 2020. Interestingly, the Bitcoin macro double bottoms at the 200-WMA seem to be longer over time.
In fact, the first macro double bottom formed within 217 days. Also, the second macro double bottom formed within 455 days. The period between which macro double bottoms are formed has doubled.
If the historical trend is considered, BTC will see a bottom to the 200-WMA at around $23k in June. Historically, Bitcoin macro double bottoms have formed before the Bitcoin Halving, but the next macro double bottom is believed to be formed after the Bitcoin Halving in April 2024.
Therefore, the first bottom could form near $23k, and the second bottom could form within 672 days at $41k. The macro double bottom would bring a massive rally in the BTC price.
When BTC Will Reach Crucial Resistance Level
The key resistance level for BTC is between $65k-$69k. BTC could revisit the crucial resistance level by late August at the earliest or January 2023. Thereafter, BTC will again retrace to the 200-WMA to complete its macro double bottom. Historically, it has taken 70-140 days.
However, if BTC completes its macro double bottom before the Halving, then BTC price could challenge the crucial resistance level for a few weeks. Also, the period could extend to late June or early July 2024. Subsequently, Bitcoin will rally to a new all-time high.
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