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A popular cryptocurrency analyst weighs Bitcoin’s potential gains this year based on BTC’s four-year cycle theory.
Rekt, a pseudonymous cryptocurrency strategist, has told his 330,900 Twitter followers that he believes Bitcoin is likely to hit a bottom this year, following the four-year cycle principle.
This cycle is based on Bitcoin Halving, where the rewards issued to BTC miners are halved every four years. Bitcoin has historically sparked bull markets around halvings.
To tell Recto,
“According to the four-year cycle principle, the BTC bear market is coming to an end.
However, a new bottoming candle 3 is expected to form next. ”
Rekt says the third year of the cycle (Candle 3) is when Bitcoin traditionally cuts through the bottom of a bear market. generate decent profit.
“Candle 3 of 2015 saw a +234% move. Candle 3 of 2019 saw a +316% rise. Candle 3 of 2023 is what most people think There could be a stronger upswing than
Taking a closer look at candle 3 from the previous cycle, Rekt says Bitcoin is well within the odds of nearly doubling its value this year.
“Historical BTC candlesticks enjoy +234% and +316% rallies
But what if we ignore the three wicks of the candle?
Bitcoin then formed a +36% candlestick in 2015 and a +97% candlestick in 2019
If BTC rises +36% in 2023 –> ~$22,300
If BTC rises +97% in 2023 –> ~$32,400
I’m not exaggerating. ”
Rekt adds that the four-year cycle also predicts when Bitcoin will surge to all-time highs.
“According to the 4-year cycle theory, a new BTC all-time high (ATH) will occur earliest on candle 4 (2024) and latest on new candle 1 (2025).
If there is a new ATH on candle 4 in 2024, it will come months after the BTC halving in April 2024. ”
At the time of writing, Bitcoin is trading at $16,532, a slight drop for the day.
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