Bitcoin (BTC) again faced another atrocious crash and reached its nadir at $20,000. However BTC values showed a trifle of recovery and are trading at $21,812.17 when reports last came in.
The recovery is probably the result of the Fed announcement of interest hikes. BTC has shown a slight improvement and trading at $21,812.17.
However, analyzing the weekly charts revels that it is still 25% down. However experts are contending that the number one crypto coin is entering a multi-month consolidation phase.
They said that if BTC continues to stick at the orange 200-week MA as support coupled with the black 200-week EMA figures as resistance.......
.......an accumulation range will be created enabling multi-month consolidation even till December 2022.
Rekt Capital has also floated another interesting hypothesis which is the link between the BTC and the next halving cycle and the experts are predicting that, it will scrape the bottom in Q4 2022.
Experts pointed to the earlier precedents and said that in 2015, BTC bottomed 547 days before the Halving, in 2018, $BTC bottomed 517 days before the Halving.
And if we consider the March 2020 crash is considered the halving will happen after 517-547 and therefore the bottom will occur in Q4 this year.