Bitcoin’s price could fall further into the pit in 2017 before it ends.
The cryptocurrency market lost $165 billion last week. Bitcoin, its frontrunner, fell into bearish tendencies.
With this development, both traders and investors are now making conscious efforts to look ahead of the leading digital currency’s possible bottom.
Rekt Capital, an expert on crypto trading, gave some insight into what might happen next to Bitcoin. They suggested that it could just drop another point before the year ends.
The expert has taken into account the recorded movement of the crypto’s price during a specific period right before the reward for mining its block is cut in half – a process known in this space as halving.
Rekt Capital concluded that Bitcoin could bottom in the fourth quarter of 2018, more than 500 days before its April 2024 scheduled halving.
Bitcoin’s Weakening Support Range
The trading expert discussed in his blog how crypto alpha shows weakness when it comes to its $20K support range.
Rekt Capital observed that there has not been a strong rebound from the support price. This could be bad news for Bitcoin, as it suggests the $20K barrier will become the new resistance level for the asset.
The public may be faced with significantly lower support levels if this occurs, which are set at $17.165 and $13,900. But, the cryptocurrency guru said more could occur in this month. If the trend continues, however, these speculations could become realities for Bitcoin investors.
What is the Future of Bitcoin Prices?
Is Bitcoin going to reach a bottom before the year ends? If so, what will be its current price? Rekt Capital has also expressed his views on the subject.
His Historical Death Cross Analysis revealed that the top digital currency could see its lowest point between $16,985 to $23,467.
At press time, CoinGecko’s tracking data indicate the maiden cryptocurrency is trading at $19,403.89, losing 13.1% of its price in the last seven days.
Meanwhile, the asset’s price could slide further down to $11,500, falling well below the projected $13,900 monthly support if things start to get sideways.
Bitcoin may fall as low as $16,700 over the short-term, although that could change.
BTC market capital at $370 billion according to the daily chart. Source: TradingView.com| Source: TradingView.com Featured image by Al Bawaba. Chart from TradingView.com This analysis should not be taken as investment advice.