Bitcoin Price Trend At Stake: How September’s Close Could Change Everything
27 Setembro 2023 - 10:00AM
NEWSBTC
Renowned crypto analyst Rekt Capital has recently highlighted the
pivotal nature of the Bitcoin price’s imminent monthly candle
close. In a statement via X (formerly Twitter), he detailed that
Bitcoin has tagged the $27,000 monthly level from the underside,
meaning it is acting as resistance for the time being. He explained
that “the upcoming monthly candle close is just around the corner.
Bitcoin needs to monthly close above $27,091 for this to be a
fake-breakdown. Otherwise, the breakdown will be technically
confirmed.” To give this statement some historical context, the
preceding month – August – saw a significant development for the
flagship cryptocurrency. BTC registered a bearish monthly candle
close, finishing below approximately $27,150. This data point,
according to Rekt Capital, effectively confirmed it as lost
support. Reflecting on this development at the time, the analyst
had conveyed that it is possible BTC could surge to $27,150, “maybe
even upside wick beyond it this September. But that would likely be
a relief rally to confirm $27150 as new resistance before dropping
into the ~$23000 region. $23000 is the next major Monthly support
now that ~$27150 has been lost.” Is Bitcoin Following Historical
Patterns? Rekt Capital’s observations about Bitcoin aren’t made in
isolation but are deeply rooted in Bitcoin’s historical price and
cycle behaviors. Drawing parallels to previous patterns, he had
previously shed light on Bitcoin’s tendencies around 200 days
before a halving event. Related Reading: Bitcoin Mega Whales Return
To Selling Mode, More Downside Soon? “At this same point in the
cycle (~200 days before the halving): In 2015, Bitcoin retraced
-24% within a re-accumulation range, but price consolidated for
months going into the halving. In 2019, Bitcoin retraced -37% as
part of a downtrend that continued for months going into the
halving.” These historical retracements at a similar juncture have
given rise to two essential insights, as stated by Rekt Capital.
First, an immediate retracement has occurred at this same point in
the cycle. Second, a repeated retrace of between -24% to -37% in
2023 would lead Bitcoin to retest its macro higher low, possibly
pushing its price under the $20,000 threshold. The analyst didn’t
stop there. Accentuating the ideal accumulation phases for
investors, he noted, “The best time to accumulate Bitcoin was in
late 2022 near the bear market bottom. The second best time to
accumulate Bitcoin is upon a deeper retracement in the pre-halving
period.” Related Reading: Analyst Uncovers BlackRock Long Interest
In Bitcoin Mining – Details Shifting the focus to potential future
outcomes, Rekt Capital made an intriguing speculation about the
potential of BTC’s price movement post-halving: “If ~$31000 was the
top for 2023. Then the next time we see these prices will be months
from now, just after the halving. Only difference between now and
then? In this pre-halving period, BTC could still retrace from
here. But after the halving, BTC would break out much higher from
current prices.” To summarize, the upcoming monthly candle close
for Bitcoin could have profound implications for the asset’s
short-to-mid-term trajectory. All eyes will now be on whether BTC
manages to close above or below the critical $27,150 mark – an
indicator that could either confirm a technical breakdown or
prevail over a historically untypical price rally. At press time,
BTC stood at $26,687. Featured image from Shutterstock, chart from
TradingView.com
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