A well-known cryptocurrency expert believes he has discovered exactly when the Bitcoin (BTC) market correction will completely emerge.
According to anonymous analyst Rekt Capital in a recent conversation with Real Vision, there is formation of a chain of bottoms before BTC reaches its actual bottom.
A generational bottom happens whenever currency’s values see a steep fall. However, it is very unlikely to fall that weak again. Therefore it is known as occurring “once in a generation.” The analyst also believes that a few months down the line stabilization is required.
Rekt Capital is of the opinion that the generational bottom will emerge once the downturn accelerates. Also the sideways phase of lateral stabilization will last for many months.
He further says this may require quite a long time for not just one but each of those stages to finish. Though the bottoming stage, acceleration, and decline don’t really take this long, it is the consolidation which requires the longest.
Bear Market To Hit Bottom In Fourth Quarter
Rekt Capital also feels that following that dropping off, we’ll witness parallel price movement for quite a few months. This will continue until we ultimately hit a resistance region for a breakthrough towards a new global upswing.
He also expects the crypto bearish pull to reach a bottom somewhere around the fourth quarter of 2022. This is when the halving cycle is scheduled to occur.
Explaining his stance, the strategist claims that following halving, the price activity accelerates the most. The upcoming halving will actually occur in April 2024… Hence he believes that will see this bottom at least 500 days before the halving time. If this pattern holds true for this phase, the bearish price bottom will not be formed till the fourth quarter.
In addition, the strategist informs his 320,000 Twitter supporters that Bitcoin is “hitting record highs of dumping.”
Rekt Capital concludes his analysis by quoting that this tremendous overselling may eventually correlate with the time of highest income potential.
At the time of publication, Bitcoin is changing hands at $19,215 with a drop of 1.62% over the last 24hrs