Crypto analyst Rekt Capital has provided insights into when the price of Bitcoin will reach its cycle highs. His analysis has provided reassurance that the flagship crypto is still far from a market top despite its recent decline to new lows this week. 

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When Will Bitcoin Peak In This Bull Run

Rekt Capital mentioned in an X (formerly Twitter) post that Bitcoin could peak in this cycle sometime in mid-September or mid-October 2025 if history were to repeat itself. The analyst noted that Bitcoin peaked 518 days after the halving event during the 2017 bull run and 546 days after the halving event during the 2021 bull run. 

Based on this, the analyst predicts that Bitcoin’s market top in this bull could occur between 518 and 546 days after the halving event, which happened earlier in April. This timeline puts the projected peak for Bitcoin sometime in September or October next year. Meanwhile, Rekt Capital again alluded to the fact that Bitcoin was accelerating in this cycle by 260 days earlier this year. 

However, that is no longer the case thanks to the over three-month consolidation period the flagship crypto has experienced since the halving event. Rekt Capital claimed that the rate of acceleration has “drastically dropped and is now approximately 150 days.” He added that Bitcoin will likely resynchronize with the traditional halving cycle the longer it consolidates. 

The crypto analyst has also refused to be deterred by Bitcoin’s current price action, which some claim suggests that the bull run is over. However, Rekt Capital has repeatedly stated that Bitcoin will retrace deep enough to convince anyone that the bull run is over, and then it will continue its uptrend.  

In another X post, Rekt Capital mentioned that Bitcoin’s downtrend, which began last month, is one to watch for a major trend shift. The analyst remarked that a break of the “multi-week downtrend would result in the beginning of at least a multi-week uptrend” for the flagship crypto. 

Bitcoin is now trading at $56,693. Chart: TradingView

‘This Is Not The Cycle Top Vibes’

Crypto analyst Mikybull Crypto also believes that the cycle top isn’t in yet despite Bitcoin’s recent decline, stating that this price action “is not the cycle top vibes.” The analyst also said that Bitcoin’s current sell-off bottom might be closer than everyone thinks and noted that this scenario played out in the third quarter of 2023 when most people thought it was over. 

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The analyst previously mentioned that the cycle top isn’t in yet and simply classified this market downtrend as the “final shakeout” before Bitcoin reaches its peak in this bull run. Mikybull Crypto also claimed that Bitcoin has a cycle top price target of $171,000, meaning that the flagship crypto will still hit new all-time highs (ATHs) before the bull run was considered as being over. 

Featured image from Getty Images, chart from TradingView

The cryptocurrency market continues its summer swoon, with major coins like Bitcoin tumbling to four-month lows. Chainlink (LINK), a key player in the decentralized oracle network space, has been especially hard-hit, dropping 25% since the beginning of June. But is this a buying opportunity, or the precipice of a steeper decline?

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This Chart Pattern Looms Large

Technical analysts are scrutinizing Chainlink’s chart, with a particular focus on the dreaded “Head and Shoulders” pattern. This formation, characterized by a central peak flanked by two smaller ones, often signals a trend reversal from bullish to bearish. Analyst Ali Martinez believes a breach of the neckline, the support level currently hovering around $12.70, could trigger a significant downturn.

#Chainlink $LINK faces a potential 45% price correction if it falls below $12.70! pic.twitter.com/8NGwMzEIhR

— Ali (@ali_charts) July 4, 2024

If LINK falls below $12.70, we could see a cascading sell-off, warns Martinez. This could push the price down to $6.80, a staggering 45% drop. Fibonacci retracement levels, a technical tool used to identify potential support and resistance zones, further bolster this bearish outlook. The 0.786 Fibonacci level aligns perfectly with Martinez’s target of $6.80, lending credence to his prediction.

Bearish Sentiment Grips The Market

Adding fuel to the fire is the overall bearish sentiment gripping the crypto market. The Fear and Greed Index, a measure of investor sentiment, currently sits at a chilling 26, firmly in “Fear” territory. This fear is reflected in LINK’s trading activity. The price is struggling to stay above the critical $12.70 mark, and any decisive break below could accelerate the sell-off.

A Glimmer Of Hope: Oversold Territory And Price Prediction

However, a glimmer of hope remains. The Relative Strength Index (RSI), another technical indicator, suggests LINK might be oversold. The RSI is currently at 28, dipping into “oversold” territory. This could signal a potential short-term bounce, as oversold assets often experience temporary price corrections.

Interestingly, some analysts contradict the prevailing bearish sentiment. Price for LINK is seen increasing 52.73% by August 5th, pushing the price to a healthy $18.97. While technical analysis paints a bleak picture, this prediction offers a counterpoint, highlighting the inherent uncertainty within the crypto market.

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The Road Ahead For LINK

Ultimately, the future of Chainlink remains shrouded in uncertainty. Technical indicators scream caution, while some analysts maintain a bullish outlook. The coming weeks will be crucial for Chainlink. Will it defy the bearish whispers and stage a comeback, or succumb to the gravitational pull of a deeper correction?

Featured image from Coldkeepers, chart from TradingView

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