Bitcoin (BTC) has had a precipitous decline in value since it reached a spectacular all-time high of $69k in late 2021; at the time of this writing, it is barely hovering at $16,500.
A well-known crypto expert known as Rekt Capital has posted a forecast on when the king cryptocurrency would achieve a new all-time high. Based on his chart, which can be seen below, Rekt predicts that Bitcoin will reach a new all-time high somewhere between the end of Candle 4 (2024) and the beginning of Candle 1 (2025).
“If a new ATH were to occur in the 2024 Candle 4, it would occur months after the April 2024 BTC Halving.”
Bitcoin Bottom or Rally?
Bitcoin is ending the year 2022 at price levels that have not been seen in over two years. The cryptocurrency market as a whole is struggling to recover from the continuing FTX crisis and the related ramifications, and the fact that the king cryptocurrency has given up all of the gains recorded since late 2020 is symptomatic of this.
A significant number of users are now anticipating a bottom from the cryptocurrency market as it continues to approach the region in which it reached its lowest point during earlier bear markets.
An analysis conducted by the on-chain analytics platform CryptoQuant found that an indicator that tracks transactions in profit and loss has not yet repeated the customary sequence that occurs at the bottom of a bear market.
Furthermore, another recent analysis that was revealed by CryptoQuant suggests that the forthcoming Bitcoin halving, which is forecast to take place in May 2024, may serve as a catalyst for a relief rally in the price of BTC.
However, another expert, Kaleo, has a more upbeat outlook for the whole first quarter of 2023. According to Kaleo’s forecasts, Bitcoin (BTC) is now going through a bottoming sequence, and the following quarter should provide a clear upward price objective.
His prediction was based on this 8-hour chart’s swing highs over the last several months, which showed that the region around $22,000 would operate as a magnet for BTC’s price.