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Analyst Predict Bitcoin Bottom May Occur in The Last Quarter of 2022 As Accumulation Continues Throughout Year

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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.

 

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. 

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.

 

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.

 

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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