The price of bitcoin will bottom out in the fourth quarter of this year

Last week, the crypto-currency market lost $165 billion in market capitalization, with Bitcoin, the leader in crypto-currencies, going into a downward spiral.

With this development, traders and investors are now making efforts to look ahead to the possible bottom of the leading digital currency.

Rekt Capital, a well-known crypto trading expert, shared some thoughts on what might be next for bitcoin, saying that by the end of the year, the asset might just hit another low point.

The expert took into account the recorded movement of the crypto’s price during a specific period just before the reward for mining its block was halved – a process known in this space as halving.

In conclusion, Rekt Capital stated that bitcoin could bottom out in the last quarter of this year, more than 500 days before its expected halving in April 2024.

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The weakening of bitcoin’s support range

In his blog, the trading expert also discussed how the alpha crypto is showing weakness in regards to its $20K support price range.

Rekt Capital noted that the bounce seen from this particular support price has been weak and this could prove ugly for bitcoin, as it indicates that the $20K barrier becomes the new resistance range for the asset.

If that happens, the public could be faced with significantly lower support ranges set at $17,165 and $13,900. Rekt Capital said much more could happen during this month. But if the trend continues, these theories could turn out to be realities that bitcoin investors will have to face.

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Where is the bitcoin price headed?

If bitcoin does indeed form a floor by the end of the year, where will its price be? Rekt Capital also shared their thoughts on the subject.

Using his historical analysis of the cross of deaththe expert was able to determine that, as its price heads towards new resistance, the leading digital currency could see its floor between $16,985 and $23,467.

Data from CoinGecko shows BTC trading at $19,403.89, losing 13.1% of its price over the past seven days.

Meanwhile, the asset’s price could slide further toward $11,500, falling well below projected monthly support of $13,900 if things start to go sideways.

In the short term, bitcoin could collapse to $16,700, but that may not happen.

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