- 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.
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