Bitcoin price sliding deeper into the pit can likely happen before this year ends. Last week, the cryptocurrency market shed $165 billion of its total market capitalization with crypto frontrunner Bitcoin slumping into a bearish streak. With this development, both traders and investors are now making conscious efforts to look ahead of the leading digital currency’s possible bottom. Rekt Capital, a well-known crypto trading expert, shared some insights about what could be next for Bitcoin, saying that by the end of this year the asset might just reach another low point. The expert has taken into account the recorded movement of the crypto’s price during a specific period right before the reward for mining its block is cut in half – a process known in this space as halving. In conclusion, Rekt Capital said Bitcoin might bottom in the last quarter of this year, more than 500 days from its scheduled halving in April 2024. Bitcoin’s Weakening Support Range In his blog, the trading expert also discussed how the crypto alpha is showing weakness as far as its $20K support price range is concerned. Rekt Capital noted that the observed rebound from this particular support price has been weak and this could turn out to be ugly for Bitcoin as it points to the $20K barrier becoming the new resistance range for the asset. If this happens, the public could be looking at significantly lower support ranges, set at $17,165 and $13,900. The cryp...
