Bitcoin has maintained a stagnant position around $26,000 recently, lacking significant upward or downward movements. Notably, Rekt Capital, a prominent Bitcoin analyst, has provided a roadmap for investors to navigate the current market. Analyzing historical trends, Rekt Capital highlighted the importance of Bitcoin’s pre-halving periods in 2015 and 2019, drawing parallels to the current state in 2023.
While cautioning against a high-risk buy at the current price, which mirrors the $9,500 point in 2019, Rekt Capital suggested potential downside movements reminiscent of past cycles. Uncertainty looms over whether Bitcoin will rise or decline further. Yet, the analyst pointed to a twist after the 2019 halving, indicating a possible favorable position for Bitcoin’s current price. He identified a post-halving resistance point, initially acting as a strong barrier but eventually leading to a post-halving parabolic continuation.
Additionally, Rekt Capital introduced the concept of a “macro higher low” based on the 2019 experience, emphasizing that the current cycle hasn’t revisited this level. To achieve this, the analyst proposed a 27% retracement, bringing Bitcoin’s price to around $20,000. This level, he believes, could serve as a significant buying territory in anticipation of a relief rally and subsequent post-halving parabolic continuation.