History Suggests Bitcoin Bottom Still Not In, Says Top Crypto Analyst € Here’s His Target

A well-liked crypto strategist is taking a look at one key metric to find out whether or not or not Bitcoin (BTC) has lastly reached the underside through the present prolonged bear market.

The pseudonymous dealer Rekt Capital offers his 312,800 Twitter followers a prolonged thread about how Bitcoin’s value is affected by its exponential transferring common (EMA), a calculation the place the latest knowledge factors have larger weight and significance.

“BTC tends to substantiate uptrends when it breaks above the blue 50-week EMA.

BTC tends to substantiate most monetary alternative when it reaches and breaks down from the black 200-week EMA.

Is the BTC backside in already or is there extra draw back to come back?”

Supply: Rekt Capital/Twitter

The chart guru references a number of previous value strikes of significance in 2015, 2018 and 2020 earlier than explaining that BTC possible has not reached a cycle backside as a result of its value stays 66% off from the 50-week EMA (WEMA).

“Key takeaway is that the primary BTC backside tends to kind at the least ~100% away from the blue 50-week EMA.

And the second BTC backside tends to kind ~50-70% away from the 50 WEMA.

If this continues to be true then BTC hasn’t but bottomed on this cycle… as a result of the present native BTC backside is 66% away from the blue 50-week EMA.

Sometimes the primary BTC backside is ~100% away and the second backside 50-70% away from the 50 WEMA. This present scenario resembles ‘second backside habits greater than ‘first backside’ value motion.”

Rekt Capital concludes his evaluation by focusing on roughly $20,000 as the extent buyers ought to anticipate Bitcoin to fall to earlier than having touched a cycle backside.

“Ought to BTC as soon as once more repeat a 100% separation from the blue 50-week EMA…

Then that might recommend a BTC backside near the ~$20,000 space.

This may fulfill the overall tendency of earlier BTC all-time highs not being revisited throughout corrective durations.”

Supply: Rekt Capital/Twitter

At time of writing, Bitcoin continues to witness uneven value motion across the $30,000 stage.

BTC is presently down 3.07% over the previous 24 hours and buying and selling for $30,252.

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