Bitcoin Price Will Break $46k Only After 80 Days – Predicts Rekt Capital

Bitcoin Drop
Analyst Rekt Capital analyzed the current state of the crypto market, explaining the importance of the developing “candle 4” in the 4-year cycle, especially during the halving year.

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While traditionally green candles are expected, the current candle appears red due to retracements early in the halving year.

Rekt Capital pointed out that the historical pattern involves breaking the 4-year cycle resistance after the halving event, providing examples from previous cycles.

The analysis indicated that the rejection from the 4-year cycle resistance weakens with each cycle, and the breakthrough typically occurs many months after the halving.

The current retracement and downside are considered normal pre-halving market behavior. Rekt Capital suggested a likely recovery two months before the halving, followed by another retrace before transitioning into the reaccumulation period.

Regarding potential downside scenarios, Rekt Capital said that the current market conditions present a bargain buying opportunity for Bitcoin. While a rejection from the 4-year cycle resistance around 46k is expected, breaking beyond it is anticipated post-halving, potentially leading to a rally to new highs in 2024.

The analyst stresses the cyclical nature of Bitcoin’s market and the historical patterns surrounding halving events. The analysis suggests that the current market conditions offer a favorable opportunity for investors before the anticipated rally post-halving. However, specific price points were not provided in the original content.

He said, “This is a bargain buying opportunity worth taking advantage of before we embark on that pre-halving rally. Maybe we reject again from $46k like we saw in 2016, 2018, 2020 and then we’re able to retrace from there into the pre-halving retrace, reaccumulate, and then break beyond that $46k region later on. So essentially, the pathway looks like a bit more downside still to come, potentially in the higher 30ks, maybe mid-30ks in this period that is approximately 80 days before the halving.”

Bitcoin Price Analysis
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ADA Price Loses Momentum! Cardano Price Might Lose 20% By The Coming Week?
Author: Elena R

Jan 31, 2024 13:42
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Cardano ADA to Hit New 2023 Highs
The crypto industry is about to complete its first month of 2024 in a neutral state, as major top tokens have displayed a mixed sentiment, highlighting a bear/bull power in the market. Further, the ADA price has lost over 3% within the past day, indicating a bearish influence for it.

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Cardano’s ADA price traded in a closed range between $0.5817 and $0.6273 for a while, following which the market lost momentum, resulting in a price breakdown. The ADA coin recorded a loss of 26.5% in valuation within the next few days.

ADA Price Analysis
TradingView: ADA/USDT
After testing its low of $0.4610, the bulls regained momentum and the price experienced a jump of approximately 18%, after which it faced rejection at $0.5438. The price traded sideways for a while, following which it added another 25.5% to its value.

Following this, the price constantly traded under a bearish influence for a brief period and retested its crucial support level of $0.4610. After this, the ADA coin price traded sideways between $0.4610 and $0.5001 for about a week.

Recently, the bulls regained power and successfully broke out of the range, indicating a rise in the price action for the altcoin.

Will ADA Price Hit $0.62 Soon?
The MACD displays a rise in the red histogram, indicating an increase in the selling pressure in the market. Further, the averages show a bearish convergence, suggesting the price will experience a negative price action in the coming time.

If the bulls hold the price above the support level of $0.5001, the ADA price will test its resistance level of $0.5438 soon. Maintaining the price at that level will set the stage for the Cardano token to attempt to test its upper resistance level of $0.5817 by the coming week.

Conversely, if the market fails to hold the price above the support level of $0.5001, it will lose momentum and fall to test its lower support level of $0.4610. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its crucial support level of $0.4162.

Altcoins Price Analysis
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