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 a bottom chain forming before BTC hits its real 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 believes that the generational trough will emerge once the recession picks up speed. In addition, the lateral phase of lateral stabilization will last several 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.
The bear market will bottom out in the fourth quarter
Rekt Capital also believes that after this drop, we will see a parallel price movement for several months. This will continue until we finally reach a resistance region for a breakthrough towards a new global recovery.
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 position, the strategist claims that after the halving, price activity accelerates the most. The next halving will actually take place in April 2024… Therefore, he believes that this low will be reached at least 500 days before the time of the halving. If this pattern holds true for this phase, the bearish price trough will not form until Q4.
In addition, the strategist informs his 320,000 Twitter supporters that Bitcoin is “hitting record highs of dumping.”
Rekt Capital concludes its analysis by citing that this huge oversold could possibly be correlated with when the potential for income is highest.
At the time of publication, Bitcoin is changing hands at $19,215 with a drop of 1.62% over the last 24hrs
