BTC to Crash $20k Before Halving, Expect Parabolic Rally After: Analyst

  • Crypto Trader & Analyst Rekt Capital offers a roadmap for Bitcoin investors to secure profits into 2024.
  • He argued current Bitcoin prices near $9,500, mirroring 2019 levels, pose a high-risk buy.
  • Rekt Capital suggests a 27% retracement to $20K could offer a buying opportunity for a relief rally and post-halving gains.

Bitcoin markets have been passive over the past weeks, hovering around $26,000 with no significant negative or positive leap. Amid the Bitcoin dull moments, prominent Bitcoin analyst Rekt Capital argued with a roadmap for positioning Bitcoin investors in the current market to potentially reap profits well into 2024 and beyond.

Rekt Capital began by examining historical trends across Bitcoin’s market cycles and extracting practical nuggets for investors. In the Analysis, one key observation was the significance of the Bitcoin pre-halving periods of 2015 and 2019, alongside the current 2023.

Comparing the current period in 2023 to previous cycles, Rekt Capital pointed out that buying at the current price, which aligns with the $9,500 price point in 2019, might be a high-risk buy. As outlined in the video, history suggests the possibility of downside movements akin to the scenarios witnessed in 2015 and 2019. Rekt Capital added that there is uncertainty about whether Bitcoin’s price will push higher or experience a further decline.

Meanwhile, the analyst noted a twist occurred after the halving event in 2019 that could lead the current price of Bitcoin to a favorable position. Moreover, he highlighted a post-halving resistance point, which initially serves as a formidable barrier to price movement. According to him, what follows is a breakthrough leading to a phase of post-halving parabolic continuation, a pattern illuminated through historical data.

Furthermore, Rekt Capital delved into the concept of a “macro higher low” based on the experience of 2019. In this context, the Analysis revealed that the current market cycle has not revisited this macro higher low, which was tested three times in 2019.

To potentially reach the macro higher low like in 2019, the analyst argued a 27% retracement from Bitcoin’s current price levels would be required to bring its current price to around $20k. Rekt Capital believes this level could serve as a significant “buying territory” in anticipation of a relief rally and the subsequent post-halving parabolic continuation.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Comments

Post a Comment

Popular posts from this blog

Inquiry on Binance headquarters and audit left unanswered by new CEO Richard Teng

The new CEO of the Binance exchange, Richard Teng, dodged answering a question about the location of the company’s headquarters and its audit or. His statement was made as part of the Crypto and Digital Assets Summit organized by the Financial Times. During his speech, the new CEO of the exchange once again emphasized Binance’s “shortcomings” with respect to the company’s regulatory requirements. At the same time, Teng avoided questions related to the organization’s activities and structure. You might also like: Richard Teng takes the helm at Binance promising a shift away from outlawed behaviour When about Binance’s global headquarters , and whether the company will be audit ed, or if it plans to apply for a license in the UK, Binance’s new CEO said that he had already answered each of the questions asked “previously.” When asked again about the headquarters , Teng again brushed it off, emphasizing that it was “under consideration.” “...
Read more

Polygon 2.0 Aims to Become the Value Layer of Internet

Image
Thus, Polygon 2.0 will serve as a fundamental layer to create, exchange, as well as program value. The team claims that Polygon 2.0 will help democratize the global economy just as the internet helped in democratizing information access. Polygon 2.0 brings decentralized finance, digital ownership, and innovative coordination methods to the forefront. It fills the gap in creating an Internet that prioritizes users rather than gatekeepers, rent-seekers, or intermediaries. The new and upgraded Polygon version will serve as the blueprint for building the Value Layer. It Features a set of proposed upgrades bringing a major shift in the protocol’s architecture, tokenomics, and governance. The team shall reveal more details regarding Polygon 2.0 in the coming weeks. They will detail the future of the Polygon PoS chain, as well as the utility and the evolution of the MATIC token. Recommended Articles ...
Read more

Australian regulator ASIC to ramp up focus on digital scam

ASIC, Australia’s financial watchdog, has announced a new four-year plan prioritizing consumer protection against digital scams, including cryptocurrency-related frauds. ASIC, the Australian Securities and Investments Commission, has unveiled a new four-year strategy aimed at shielding consumers and businesses from digital scams, including those involving cryptocurrencies. Chair Joe Longo indicated that while ASIC has made strides since outlining its priorities last year, there’s ongoing work. The regulator is adapting to shifts in sustainable finance, the digital economy, and the challenges an aging population poses. You might also like: ASIC releases the top 10 ways to spot a crypto scam Longo also mentioned that ASIC closely monitors how emerging technologies like AI could impact businesses and consumers. Australia has been generally favorable toward digital currencies. The country has both embraced and regulated cryptocurrencies, most notably by exempt...
Read more