An analyst who accurately called Bitcoin’s pre-halving pullback this year is mapping out what he believes could be the most bearish price path for BTC.
In a video update, pseudonymous analyst Rekt Capital tells his 86,100 YouTube subscribers that Bitcoin historically goes through a four-year cycle based on the halving – when BTC miner rewards get slashed in half.
Looking closer, Rekt says Bitcoin had to deal with a “three-year resistance” level in every four-year cycle – dating back to as early as 2013.
According to the analyst, Bitcoin had to breach its three-year resistance at around $700 in 2017 and $13,856 during the 2021 cycle before printing a market top.
For this cycle, Rekt says the three-year resistance level stood at $46,000, which BTC has already taken out.
But the trader notes that Bitcoin may revisit the area to retest it as support before sparking the next leg up.
“If we look at the dynamics of…
