An influential crypto analyst looks ahead to 2023, after a challenging year in Bitcoin (BTC), trading in 2022.
Rekt Capital is a pseudonymous crypto trader offering Their 331,700 followers on Twitter sent words of encouragement to and hope after a significant bear market year for BTC.
“2022 was a difficult year for BTC investors
Almost continuous drawdown with little relief for temporarily enjoying
2023, however, will be different
It will test the patience of investors, some may become disinterested.”
The analyst then looks at BTC’s “macro triangles” on a chart displaying Bitcoin’s broader price movements since 2014. According to Rekt’s analysisThe price of king crypto is close to the levels that indicate a historical reversal.
“According to the BTC Three Macro Triangles:
BTC retraces from -50% to +65% on triangle breakdown
BTC has fallen -50% so far from the triangle breakdown
BTC has entered that historical range.”
Next, Rekt Capital looks Bitcoin dominance (BTC.D). The BTC.D chart shows how much of total crypto market capitalization is owned by Bitcoin. BTC Dominance that is bullish suggests that Bitcoin is rising faster then other crypto assets or altcoins, while leading cryptos rise in value. According to Rekt, BTC’s dominance is on the rise.
“Initial signs that BTC Dominance is successfully retesting the blue level as support
Altcoins are experiencing some pullbacks at the moment
These Altcoins pullbacks will continue, especially if BTC Dominance starts to increase from here via the orange pathway.”
Bitcoin trades at $16,819 as of the time this article was written, down 75% from its November 20,21 high.
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