A leading cryptocurrency strategist believes Bitcoin (BTC) is poised to break the bottom of its extended correction this month.
An analyst who goes by the pseudonym Reiger told his 198,000 followers on the social media site X that he believes Bitcoin will start to hit a local bottom this month.
The exact timing of BTC’s lows is not important, the analyst said, as he sees Bitcoin rising in the fourth quarter of this year.
“August and September are a very good chance that the low could/will be reached within the next month. And regardless of the exact timing, many here would still agree that prices will be higher for the next three to six months.”
To support his long-term bullish outlook on BTC, Reiger provides a chart that shows Bitcoin’s massive returns in the fourth quarter of its halving year.
“Hang in there.
Eventually the wind changes direction.”
The table shows that Bitcoin rose nearly 170% in the fourth quarter of its 2020 halving and about 60% in the fourth quarter of its 2016 halving.
For now, Rager says the stage is set for another strong BTC rally in Q4.
“I honestly want sentiment to be as weak as possible heading into Q4. Reversals usually happen after the worst sentiment (outside of bear markets).
I think there’s no better signal than when people give up just before things are going well.”
At the time of writing, Bitcoin is trading at 57.55, down more than 1% on the day.
Generated image: DALLE3
