Prominent cryptocurrency trader #RektCapital recently shared insights on the potential trajectory of Bitcoin ( #BTC ) in the near future on the social media platform "X". According to his analysis, the value of the digital currency might experience a drop to around $22,000 by September 2023. To reach this conclusion, he delved into the historical price chart data as of August 2023.
The analyst meticulously examined past data, scrutinizing the movement of BTC prices across previous cycles. He highlighted the most significant August price declines in Bitcoin's history. Notably, the flagship cryptocurrency suffered a 17% dip in 2014 and an 18% drop in 2015. Currently, there has been a 16% decrease in value.
If the same 18% decline were to occur in August of the current year, the Bitcoin cryptocurrency would potentially settle at approximately $24,700. However, this might not mark the most critical correction point. RektCapital emphasized two concurrent reasons for this assessment. Presently, the BTC chart is forming a "double top" pattern, and the digital coin has shown a tendency to "experience a dip in September."
Drawing from these observations, the expert speculated that BTC's value could further decrease by about 10% in the following month. This projection suggests a price reduction to around $22,200. These values would roughly align with the "target movement level for breaking the double top at the $22,000 mark."