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Crypto Analyst Predicts Potential Trend For Bitcoin As Price Slips

Rekt Capital, a well-known cryptocurrency analyst and enthusiast, has revealed the potential directions that the price of Bitcoin could take in light of the upcoming fourth BTC Halving.

Potential Retracement For Bitcoin

With the halving event approaching, analysts are debating what steps Bitcoin should take after its recent breach from the macro downtrend. One of those is Rekt Capital, who has weighed in on the particular issue and made a comparison to past trends.

The crypto analyst shared his latest projections during one of his YouTube predictions videos for Bitcoin. In the video, Rekt Capital delves in on the “next possible steps” that BTC is anticipated to take while highlighting “a breakout from its macro downtrend.”

Bitcoin

His analysis focuses mainly on the reaccumulation range that formed prior to the halving event in 2015-1016 period. He further drew a comparison between 2023-2024 and 2015-2016, while noting similarities between the two periods.

According to him, the trend that formed within that period has resurfaced in the current 2023-2024 period. “One of the things that contributes to that similarity is the reaccumulation that formed a few months before the halving,” he stated.

Rekt Capital pointed out the possibility of a retracement around the Bitcoin halving event. This is due to a scenario proposed by the crypto analyst in which a reaccumulation range break triggers a retreat.

An analogy to the cycle of 2015–2016 indicates a comparable rejection from a resistance level prior to the halving, which may have contributed to a possible retreat.

Furthermore, he has highlighted that such retracements are indicated by historical data but stresses that they are often brief. However, he asserted that after the retrace, which is the “last opportunity,” we would see a price increase for Bitcoin.

This surge will “turn the $46,000 price level into a new support level, and move to touch its old all-time high.” Rekt Capital also anticipates the price going beyond this level putting Bitcoin on a path to a new all-time high.

Factors The Buttress BTC Value, ETFs Not Included

Samson Mow, the Chief Executive Officer (CEO) of Pixelmatic, has revealed several factors that boost Bitcoin’s value. Mow took to X (formerly Twitter) to underscore these factors with the crypto community.

According to him, the value of Bitcoin is amplified by “scarcity, utility, and the failure of fiat.” Mow further insisted that BTC Spot Exchange-Traded Funds (ETFs) do not contribute to the token’s value.

His X post came in response to CNBC’s “Mad Money” host Jim Cramer’s post over his comments on BTC’s current action. Cramer asserted that “no one showed up” after the approval of BTC ETFs, which led to a decline in price.

Mow was displeased by Cramer’s claims, and he stated that many people were present while noting the net inflow. “A lot of people showed up. Just look at the net inflow and how much BlackRock, Fidelity, and others accumulated,” he stated.

Bitcoin

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Jim Cramer Says Bitcoin Is Topping Off, Time To Buy Bitcoin?

Counter-trading CNBC’s Jim Cramer has gone from being a meme to something that Bitcoin investors have begun to take seriously. As the inverse of what Cramer says has usually been the case, taking a stand in the opposite direction has proved positive for some investors. Once more, Cramer has shared his thoughts on where the BTC price is headed, so is it time to buy or sell?

Jim Cramer Calls The Bitcoin Top

In a new episode, the Mad Money host, a show hosted on the CNBC Network, called out a possible top for Bitcoin. Now, the price of BTC has been steadily rising this week, which saw the price eventually rise above $47,000 for the first time in almost two years.

Following this brief surge, Cramer took to the show to reveal that he thinks the price of the asset has reached a possible top. However, instead of the usual one-sided argument, Cramer would go on to tell investors to buy BTC if they want. So while the former hedge fund manager did call for Bitcoin to top out, he is not advising investors to not buy the cryptocurrency.

“Let’s stop fooling around,” Cramer states. “You want Bitcoin, buy Bitcoin. I think Bitcoin is topping out, by the way. So I’m going to say enough is enough.” This statement tends to play on both sides of the coin for now, no longer discouraging investors from buying the asset.

Bitcoin price chart from Tradingview.com

BTC Goes The Opposite Way Of Cramer

Going through the path of counter-trading Jim Cramer would actually see investors buying Bitcoin at this time. If the same inverse correlation holds, then the Bitcoin price could be rocketing up from here once more.

This school of thought did not just emerge out of nowhere as even as recently as last week, the act of counter-trading Cramer seems to remain a profitable venture. Last week, Cramer had taken to his Mad Money show to praise Bitcoin after being previously bearish. Cramer explained that Bitcoin cannot be killed, saying BTC was “here to stay” and the likes of Charlie Munger were blind to it.

However, in true Cramer fashion, the price of Bitcoin would tank not long after, crashing from above $45,000 to below $42,000 on January 3. This is also not limited to crypto as there was an ETF dedicated to investing in the opposite direction of Cramer’s stock picks, although that ETF was closed in 2023.

Nevertheless, as news of Cramer’s new stance hits the headlines, it’ll be interesting to see where the BTC price goes from here. If it follows previous trends, then the BTC price could be headed toward a price crash once again.

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Here’s How Much You Would Have If You Bought Bitcoin When Jim Cramer Said Sell

Jim Cramer, the host of CNBC’s Mad Money show, has come to be known in Bitcoin circles for his constantly wrong predictions about the asset. Cramer has, at various points, called for investors to sell their Bitcoin but with the crypto’s price continuing to go up after his calls, here’s how much Bitcoin has gained since Cramer last called for a BTC sell-off.

Counter-Trading Jim Cramer’s Advice On Bitcoin

Back in 2022 when the FTX crypto exchange collapsed and filed for bankruptcy, the Bitcoin price had fallen more than 50% to trade below $15,000. This crash took place in November 2022 and a few months later, there was a slight recovery in price and Cramer gave one of his infamous ‘Sell Bitcoin Now’ advice.

As shown in a video of Cramer shared by the parody account @CramerTracker on X (formerly Twitter), the Mad Money show host can be seen advising investors to sell their Bitcoin. At the time, the asset’s price had risen around 4% in one week to $24,000 and Cramer believed this was an opportunity to sell. According to him, BTC’s price was being manipulated, and selling into the slight pump was the best thing.

Cramer also asserted that the ‘price manipulation’ has made him no longer believe in the asset. “I would sell my Bitcoin right into this rally,” Cramer said. “Believe me, I had been a believer one time in Bitcoin. Not here. Not now,” the show host further added.

In true Cramer fashion, he would turn out to be wrong less than a year later as Bitcoin’s price would keep going up. In fact, buying Bitcoin at the time when Cramer advised investors to sell proved to be one of the best buying opportunities.

From Cramer’s sell call at $24,000 to now, the price has increased by 80%. This means that if an investor had bought $100,000 in BTC when Cramer said sell and held until now, they would have a whopping $180,000 in their portfolio, meaning an $80,000 profit in less than one year.

Bitcoin price chart from Tradingview.com (Jim Cramer)

The Inverse Cramer Tracker ETF

Cramer’s propensity for being wrong has brought him notoriety to the point that there is currently a fund dedicated to doing the opposite of what the CNBC host says. The Inverse Cramer Tracker ETF is currently sitting at $22.07 after hitting an all-time high of $26, data from MarketWatch shows.

Currently, the ProShares Bitcoin Strategy ETF is the top holding in the fund (5.50%) which currently has around $3.1 million in net assets. Other prominent investments include PayPal Holdings Inc., AMC Entertainment Holdings Inc., and Dominion Energy Inc., among others.

Interestingly, Cramer changed his stance on Bitcoin in November 2023, just months after his initial prediction. He has gone on to endorse Bitcoin investments and referred to his earlier predictions as ‘premature.’

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This Report Suggests Crypto Sector Bearing A Final Flush-Out

The crypto market is currently undergoing a series of unfortunate events. From the crash of stablecoin Terra to the fall of Celsius, it has been a gloomy year for crypto investors.

More recently, the capitulation of the Bankman-Fried-led popular exchange FTX has further amplified this negative trend. In addition, exchanges like Gemini and Coinbase have laid off a significant chunk of their workforce.

According to Glassnode reports, the collapse of FTX has led to one of the largest; deleveraging events in the history of crypto. As a result, the market has dipped in recent weeks. Glassnode emphasized the size of losses felt by all market players in the deleveraging event.

In the long term, this forced-priced flush-out might prove beneficial to the prices of assets. However, Glassnode also believes that a capital reset is at hand.

How Is The Crypto Market Faring?

With current events, the crypto market has pulled back 1.1%. The total market capitalization stands at $892 billion. With the fear and uncertainty high in the market, resistance levels will be tough to break through for any asset.

Most altcoins have maintained neutrality today- neither posting significant gains nor losses. Bitcoin is close to the $17,000 level retracing from $17,400 in less than 24 hours; Ethereum has pulled back 2%, retreating to the $1,266 level. The crypto market is generally downtrend today with a reduction in market capitalization.

Record Breaking Capitulation

Two massive capitulations reshaped the crypto space in 2022. The events; occurred in June and November. The FTX saga led to a loss of $4.43 billion in one day. Terra’s capitulation caused a deficit of $700 million in 14 days as investors withdrew their capital in droves.

Glassnode compared the ratio of realized profits to realized loss, with the latter outstripping the former. As per the data, these losses were fourteen times larger than the gains in the market.

According to historical data, previous ratio lows of similar effect occurred at the cycle of bottoms. Again, this pattern was observed – in the 2011,2015, and 2018 bear markets.

After these significant losses, a trend shift occurred after each bear market – leading to a bull market in all three years.

Glassnode stated that the size of the losses had reduced in recent weeks after the crypto flush-out. The prices will likely consolidate – in the coming months before a significant trend reversal.

This Report Suggests Crypto Sector Bearing A Final Flush-Out

Cryptocurrency market trades sideways | Source: Crypto Total Market Cap on TradingView.com

According to CNBC’s Jim Cramer, investors need to cash out on crypto while they can. However, with the recent event that has created a negative impression on crypto investment, Cramer emphasized that the decision be made sooner rather than later. How investors will react to the flush-out, and its resultant effects remains a mystery.

Featured Image From Pixabay, Charts From Tradingview.com