With Bitcoin (BTC) recording a bearish streak along with the rest of the cryptocurrency market that has just lost $165 billion from its market capitalization in the last week, traders and investors are looking at the flagship digital currencys potential bottom.

Bitcoin could reach its bottom by the end of 2022, considering its previous movements in the specific period before previous halvings – events after which the reward for mining a crypto block is halved,according to prominent crypto trading expert Rekt Capital.

Analyzing Bitcoins bottoming in the past, the expert concluded in his tweet on September 19 that it might bottom 517-547 days before its upcoming halving in April 2024, which means that the bottom could happen in the fourth quarter of 2022. As he explained:

In 2015, #BTCbottomed 547 days before the Halving

In 2018, $BTC bottomed 517 days before the Halving (discount March 2020 crash)

If Bitcoin is going to bottom 517-547 days before the upcoming April 2024 Halving…

Then the bottom will occur in Q4 this year#Crypto #Bitcoin— Rekt Capital (@rektcapital) September 19, 2022 Weak support at $20k

At the same time, Rekt Capital noted in his blog the $20,000 – $23,350 range and that the $20k support is showcasing weakness. Bitcoin price analysis. Source: Rekt Capital Related Quebec’s Mohawk Council of Kahnawake explores Bitcoin mining via hydro-power Explained: 9 errors in White House’s report on climate implications of crypto mining Data suggests crypto market could be approaching the next altcoin season

As per the market expert, the rebound from the $20K support this month has been so weak that it actually looks like the upside wick reaching into the range is prices way of suggesting that $20K may be flipping into a resistance.

As he explained:

Much can still change throughout the month, of course, but at the moment, the price action is telling a story which suggests that $20K may be flipping into new resistance on the Monthly timeframe, setting up for a confirmed breakdown from the range.

The analyst also added that in the instance that $20K indeed sees downside continuation from the $20K support, the next immediate supports are $17,165 and ~$13,900. So where is the bottom?

Furthermore, Rekt Capital stated that his Historical Death Cross analysis suggests that Bitcoin will form a bottom within the area between $16,985 and $23,467, as its price is flipping the 200-week moving average (MA) into new resistance.

In the most extreme scenario for downside, he states, the price could go as low as $11,500, which would imply tremendous downside wicking below the $13,900 monthly support.

Elsewhere, the Bitcoin rainbow chart indicates $16,700 as the potential bottom for the maiden cryptocurrency in the short term.

Meanwhile, Bitcoin is at press time trading at $19,229, which represents a 3.34% decline on the day, as well as a 14.18% drop across the previous seven days. Bitcoin seven-day price chart. Source: CoinMarketCap

The market capitalization of the largest cryptocurrency by this indicator currently stands at $366.24 billion, according to CoinMarketCap data.

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