Bitcoin Price Outlook: Analyst Predicts Further Drops in Next Two Weeks

As The price of Bitcoin has been in a downward or at least negative trend since reaching an all-time high on March 14. Although it may sound negative, because we were actually used to these big increases recently.

According to Rekt Capital, we can expect further price drops for Bitcoin in the next two weeks.

Bitcoin in the danger zone

Rekt Capital claims that in a new study Bitcoin which is in the “after half danger zone” and that we can still correct it from here. That threat would remain in place for about two weeks.

“If there is another instability where we fall below the low of this range, it should happen in the next two weeks,” the analyst said on Twitter.

In the graph shared by Rekt Capital we clearly see the similarities between the current Bitcoin cycle and the price development around half of 2016.

The visual reader will immediately see that half of 2020 is missing. Maybe that’s because the graph doesn’t fit so well here. We should also not forget that at the time we were dealing with the COVID-19 pandemic, which had a great grip on the world.

As a result, uncertainty hit and Bitcoin reacted violently as well.

There is no shortage of uncertainty

Anyway, there is no shortage of uncertainty for Bitcoin. We are indeed under the influence of US inflation, which is rising again, forcing the Federal Reserve to postpone its interest rate cuts.

In addition, this week the American economy suddenly grew faster than everyone thought at first. To top it all off, we also have geopolitical tensions and the Japanese yen, which looks very weak and could be a threat to the market indirectly.

The Japanese central bank has a lot of US government bonds, which it could sell to support the yen. If they do, yields on US government bonds will skyrocket, making it attractive for investors to jump in and Bitcoin may lose focus.

Overall, there are plenty of factors that argue that the picture for the price of Bitcoin remains somewhat cloudy in the short term.

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