Next 140 Days Crucial For BTC Dollar-Cost-Averaging, Says Crypto Analyst
- Crypto analyst tweeted that the next 140 days would be crucial for dollar-cost-averaging.
- Bitcoin has been crashing during the past 7 days after an opening market price of $27.06K.
- BTC makes a new lower low in preparation for another spike; it could reach $31K.
Crypto Trader and Analyst Rekt Capital tweeted that the next 140 days would be crucial for dollar-cost-averaging in preparation for the parabolic rally that could happen after the Bitcoin halving. The analyst forecasted this view by mirroring the pre and post-halving periods.
As such, the analyst seemed to encourage his followers to invest equal amounts in regular intervals for BTC. However, when looking at the below chart, BTC has been crashing during the past week. It was exchanging hands at $27.06K when the markets opened for trading. After a few hours, BTC crashed from $27K to $26.45K
This fall was then followed by a period of consolidation for four days, which then once again procured another fall for BTC. This Bitcoin fell from $26,580 to $26,050, but somehow recovered and reached $26,420. From then onwards it fluctuated between $26,200 and $26,400. Interestingly yesterday, it had a spike that helped it touch the $26,800 for a brief moment.
Looking at the chart above for BTC the dotted line shows that it has been making higher lows since the beginning of 2023. However, this trend of making higher lows was breached in August 2023 when BTC crashed and fell below the trendline. As BTC has found some buying momentum, this could be the start of the uptrend. The above prediction that this could be the beginning of the uptrend is based on the historic behavior of BTC where it spiked after every fall.
This time around BTC might spike and if it does spike it could reach $31,625. The spike could be a direct approach to this resistance or there is a chance that it could touch the $25,130 and then rise. However, as the Point of Control or the price at which most trading happens is just below $23,000, BTC may fall to this level for support.
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