Ultimate magazine theme for WordPress.

“The Q1 hype cycle is over”: Crypto analyst updates outlook on Bitcoin (BTC) after sharp decline

A widely followed crypto trader is breaking down Bitcoin (BTC) after a 9 percent plunge last week.

Pseudonymous crypto analyst Rekt Capital tells his 452,800 followers on the social media platform

“One of the most important things to note about Bitcoin’s reaccumulation areas during this cycle is this:

Downtrends below range lows tend to lure investors into a fake collapse (black circles) before re-entering an uptrend.”

Source: Rekt Capital/X

Bitcoin is quickly approaching the halving, a four-year event in which BTC mining rewards are halved. The indicators suggest that the upcoming event will occur sometime next week. According to Rekt Capital, this means that the next peak of the bull cycle is still about a year and a half away.

“If history repeats itself…”

The next bull market peak could occur 518-546 days after the halving

That’s mid-September or mid-October 2025.”

Source: Rekt Capital/X

According to the analyst, while BTC may be in a period of retreat in its accumulation, the crypto king has recovered from worse in the past.

“This is now a deep -18% pullback that has lasted 10 days so far

In terms of depth, this is very close to bargain buy territory based on pullbacks in this cycle (maximum up to -23% deep).

However, in terms of time, this is still one of the shortest retracements in this cycle (currently only 10 days long).

Previous setbacks have lasted 2-3 weeks and up to two months at most.”

Source: Rekt Capital/X

At the time of writing, BTC is worth $63,693, up 6% in the last 24 hours.

The analyst takes a break from BTC and says altcoins are in decline until at least the end of May, possibly early June.

“The altcoin hype cycle in the first quarter is over

Now is the time to be patient and wait for the altcoin hype cycle to begin in the second quarter

This would result in altcoins bottoming out as early as mid-May, more realistically it would be late May or early June.”

Source: Rekt Capital/XDon't miss a thing – Subscribe to receive email alerts straight to your inbox

Check price action

Follow us on Twitter, Facebook and Telegram

Surf the Daily Hodl Mix


Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct their due diligence before making any risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and transactions are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.

Featured image: Shutterstock/SimpleB

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers

Comments are closed.