It’s Possible That Bitcoin Will Hit Bottom in the Fourth Quarter of 2022.
A crypto trader and analyst by the name of Rekt Capital came to Twitter to convey his prediction that Bitcoin (BTC) will most likely bottom during the fourth quarter of 2022. As signs, he pointed to previous important historical metrics.
According to his post, Bitcoin hit the lowest level of support 547 days before the Halving in 2015. Another low was reached by BTC in 2018, 517 days before the Halving (discounting the fall in March 2020). He went on to say that if Bitcoin is going to bottom 517-547 days before the forthcoming April 2024 Halving, then the price will bottom in the fourth quarter of this year.
In 2015, #BTC bottomed 547 days before the Halving
In 2018, $BTC bottomed 517 days before the Halving (discount March 2020 crash)
If Bitcoin is going to bottom 517-547 days before the upcoming April 2024 Halving…
Then the bottom will occur in Q4 this year#Crypto #Bitcoin
— Rekt Capital (@rektcapital) August 2, 2022
Bitcoin has seen a loss of 2% in value during the last twenty-four hours, and it is now trading at $22,868 at the time of this writing.Â
Bitcoin Accumulation Rate Spikes As Balance on Exchanges See a Macro Decline
In related interesting developments, crypto expert Lark Davis pointed out that the pace of accumulation of Bitcoin has been growing throughout the year, despite its price going down.
On-chain data reveals that Bitcoin (BTC) is firmly entrenched in the accumulation stage, as whales are making it abundantly clear that it is now once again the time to resume stockpiling the leading cryptocurrency. This is a positive indicator of Bitcoin’s success in the long-term run and highlights the robust demand that exists at lower price levels.
All year long while the price of #bitcoin has been dropping the accumulation has been increasing! pic.twitter.com/mtqV71bk50
— Lark Davis (@TheCryptoLark) August 4, 2022
Davis also shared that the amount of Bitcoin balance on exchanges is decreasing as well. On-chain metrics show that the overall value of Bitcoin on cryptocurrency exchanges has continued to see a broad decrease. The total amount has reached 2.4 million BTC, which is about 12.6 percent of the total quantity now in circulation.
#bitcoin balance on exchanges keeps dropping… probably nothing… pic.twitter.com/lRQGJsMKVf
— Lark Davis (@TheCryptoLark) August 4, 2022
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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