Bitcoin Set to Crash $20k Before the Upcoming Halving According to Analysts

BTC to Crash

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.

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Chi Do
Chi Do
Chi Do is a content writer at CoinMinutes, responsible for creating most of the content on the website, including news related to Bitcoin (BTC), Ethereum (ETH), Blockchain, Decentralized Finance (DeFi), and more. With a keen interest in cryptocurrencies since the 2020s, Chi has acquired extensive experience and knowledge in this field. Chi holds a Bachelor's degree in communication from Academy of Journalism and Communication in Vietnam.

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