The post Bitcoin Price Analysis: Is $46,000 the Ultimate High for BTC Price in 2023? appeared first on Coinpedia Fintech News

Bitcoin, the ever-evolving digital currency, has caught the attention of Rekt Capital, a highly regarded analyst in the realm of cryptocurrency. Rekt Capital noted that Bitcoin will break beyond $46000 in 2024, most likely after the halving, based on its chart analysis of the 4-year cycle resistance.

$46,000 – A Potential Resistance Point

Rekt Capital introduces a compelling perspective, pointing towards the $46,000 region as a potential resistance, citing the Four-Year Cycle. Historically, this level has acted as a robust point of rejection for three consecutive years, signaling a crucial juncture for Bitcoin’s price action.

Rekt Capital dissects the Four-Year Cycle, revealing its four distinct candles that shape Bitcoin’s journey. 

From Candle 1’s Bull Market Peak, where Bitcoin forms a new All-Time High after rejecting the Four-Year Cycle resistance, to Candle 2’s Bear Market year with a prolonged correction, the analysis reveals a precise picture.

Further Candle 3, the Bottoming Out year, adds an intriguing layer. The analyst highlights that while the price rebounds strongly, it doesn’t consistently revisit the Four-Year Cycle resistance. The historical context, exemplified by years like 2015 and 2019, showcases varied patterns of revisit and rejection.

Rekt Capital underscores a pivotal moment approaching: a potential breakthrough in 2024, specifically in Candle 4, the Trend Reversal year. According to his analysis, Candle 4 begins with these long downward lines, creating a “Higher Low” than Candle 3. It’s like a signal that the market might change a lot.

Your Last Buying Chance?

Rekt Capital also talks about a chance to buy Bitcoin at a lower price before the Halving event. They say it could be one of the last times to get a good deal before Bitcoin starts going up a lot.

Perhaps on the cautionary side, he is expecting that there’s a catch—if Bitcoin can’t break past $46,000 this year, there might be a bit of a Buy the Hype, Sell the News, especially with the buzz around the Bitcoin ETF in January.

As the crypto community gears up for potential changes, Rekt Capital’s analysis acts like a roadmap, helping us understand where Bitcoin might go in 2023.