{"id":552572,"date":"2023-09-22T17:00:07","date_gmt":"2023-09-22T17:00:07","guid":{"rendered":"https:\/\/uniquehot.com\/?p=552572"},"modified":"2024-06-11T06:59:08","modified_gmt":"2024-06-11T06:59:08","slug":"this-bitcoin-chart-mirrors-sinister-2019-shadow-retrace-to-20000-on-the-horizon","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/this-bitcoin-chart-mirrors-sinister-2019-shadow-retrace-to-20000-on-the-horizon\/","title":{"rendered":"This Bitcoin Chart Mirrors Sinister 2019 Shadow: Retrace To $20,000 On The Horizon?"},"content":{"rendered":"

Bitcoin (BTC), the largest cryptocurrency by market capitalization, has faced a setback in its recent gains after failing to consolidate above the $27,000 level. <\/span>With no positive macro news to drive BTC beyond upper resistance lines, industry experts are looking for a chart analysis that suggests BTC may be on the verge of a significant move toward $20,000.\u00a0<\/span><\/p>\n

This potential lower price point could serve as a new higher low in Bitcoin’s 1-week chart, reminiscent of its trajectory in 2019 before the halving event.<\/span><\/p>\n

Related Reading: Bankrupt FTX Exchange Turns Its Attention To Employees, Here\u2019s How Much It Wants<\/a><\/div>\n

Bitcoin Chart Flashing Red<\/span><\/h2>\n

Crypto analyst Rekt Capital recently <\/span>shared <\/span><\/a>a chart on X (formerly Twitter) outlining Bitcoin’s potential downward trajectory. According to Rekt Capital’s analysis, Bitcoin may revisit the $20,000 mark, establishing a new higher low on its 1-week chart, mirroring the price movement observed in 2019 before the halving event.<\/span><\/p>\n

\"Bitcoin
BTC’s current path resembles 2019’s higher low reached pre-halving. Source: Rekt Capital on X.<\/a><\/figcaption><\/figure>\n

Rekt Capital <\/span>highlights <\/span><\/a>the significance of a revisit to the Macro Higher Low in the current cycle, which could occur in early 2024, coinciding with the halving year. In the four-year cycle, this would signify that the downside wick of Candle 4 would form a Macro Higher Low relative to Candle 3, as seen in another chart shared by Rekt below.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC’s 4-year cycle could form a higher low on its 12M chart. Source: Rekt Capital on X.<\/a><\/figcaption><\/figure>\n

While some argue that another drop into the Macro Higher Low is unlikely due to the COVID-19 crash in March 2020 as a black swan event, Rekt Capital <\/span>emphasizes <\/span><\/a>that the magnitude of a potential upcoming drop may differ considerably.\u00a0<\/span><\/p>\n

The COVID-19 crash resulted in a 72% drop from the 2019 local top to the March 2020 higher low. However, if the 2023 local top were around $31,000, it would only require a 37% drop to revisit the higher low.\u00a0<\/span><\/p>\n

While a repeat of the -72% crash is unlikely, Rekt Capital suggests that Bitcoin could retrace -37% without needing another black swan event.<\/span><\/p>\n

With Bitcoin being 210 days away from halving in April 2024, Rekt Capital parallels the 2019 cycle, during which BTC experienced a relief rally before forming another lower high.\u00a0<\/span><\/p>\n

All around, Bitcoin appears to be experiencing a similar relief rally. Rekt Capital suggests that Bitcoin may not need a drastic crash or another black swan event over the following months to reach its Macro Higher Low in this cycle but rather a retracement of approximately 27% from current prices.<\/span><\/p>\n

Related Reading: ImmutableX Makes Noise As IMX Dominates Top 50 Roster With 33% Climb<\/a><\/div>\n
\"Bitcoin
BTC’s retrace to $26,000 levels on the 1-week chart. Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Currently, the largest cryptocurrency in the market is trading at $26,600. Despite experiencing a retracement below the $27,000 level, Bitcoin has achieved a slight profit of 0.7% within the 24-hour.\u00a0<\/span><\/p>\n

As highlighted by Rekt Capital, it remains uncertain whether Bitcoin will follow the path observed in 2019. However, what is evident is that the BTC market is exhibiting signs of stagnation, with a potential price breakout looming on either side.\u00a0<\/span><\/p>\n

Featured image from iStock, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC), the largest cryptocurrency by market capitalization, has faced a setback in its recent gains after failing to consolidate above the $27,000 level. With no positive macro news to drive BTC beyond upper resistance lines, industry experts are looking for a chart analysis that suggests BTC may be on the verge of a significant move toward $20,000.\u00a0 This potential lower price point could serve as a new higher low in Bitcoin’s 1-week chart, reminiscent of its trajectory in 2019 before the halving event. Related Reading: Bankrupt FTX Exchange Turns Its Attention To Employees, Here\u2019s How Much It Wants Bitcoin Chart Flashing Red Crypto analyst Rekt Capital recently shared a chart on X (formerly Twitter) outlining Bitcoin’s potential downward trajectory. According to Rekt Capital’s analysis, Bitcoin may revisit the $20,000 mark, establishing a new higher low on its 1-week chart, mirroring the price movement observed in 2019 before the halving event. Rekt Capital highlights the significance of a revisit to the Macro Higher Low in the current cycle, which could occur in early 2024, coinciding with the halving year. In the four-year cycle, this would signify that the downside wick of Candle 4 would form a Macro Higher Low relative to Candle 3, as seen in another chart shared by Rekt below.\u00a0 While some argue that another drop into the Macro Higher Low is unlikely due to the COVID-19 crash in March 2020 as a black swan event, Rekt Capital emphasizes that the magnitude of a potential upcoming drop may differ considerably.\u00a0 The COVID-19 crash resulted in a 72% drop from the 2019 local top to the March 2020 higher low. However, if the 2023 local top were around $31,000, it would only require a 37% drop to revisit the higher low.\u00a0 While a repeat of the -72% crash is unlikely, Rekt Capital suggests that Bitcoin could retrace -37% without needing another black swan event. With Bitcoin being 210 days away from halving in April 2024, Rekt Capital parallels the 2019 cycle, during which BTC experienced a relief rally before forming another lower high.\u00a0 All around, Bitcoin appears to be experiencing a similar relief rally. Rekt Capital suggests that Bitcoin may not need a drastic crash or another black swan event over the following months to reach its Macro Higher Low in this cycle but rather a retracement of approximately 27% from current prices. Related Reading: ImmutableX Makes Noise As IMX Dominates Top 50 Roster With 33% Climb Currently, the largest cryptocurrency in the market is trading at $26,600. Despite experiencing a retracement below the $27,000 level, Bitcoin has achieved a slight profit of 0.7% within the 24-hour.\u00a0 As highlighted by Rekt Capital, it remains uncertain whether Bitcoin will follow the path observed in 2019. However, what is evident is that the BTC market is exhibiting signs of stagnation, with a potential price breakout looming on either side.\u00a0 Featured image from iStock, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":552573,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,680,78790,6664],"class_list":["post-552572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-bitcoin-price-analysis","tag-btcusdt","tag-crypto"],"acf":[],"yoast_head":"\nThis Bitcoin Chart Mirrors Sinister 2019 Shadow: Retrace To $20,000 On The Horizon?<\/title>\n<meta name=\"description\" content=\"Bitcoin has faced a setback after failing to consolidate above $27,000, with no positive news to drive BTC. 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With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.","sameAs":["https:\/\/instagram.com\/itsmarquez_fr?igshid=ZDdkNTZiNTM=","https:\/\/x.com\/Rmmcapital"],"url":"https:\/\/uniquehot.com\/author\/ronaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"This Bitcoin Chart Mirrors Sinister 2019 Shadow: Retrace To $20,000 On The Horizon?","url":"http:\/\/uniquehot.com\/news\/this-bitcoin-chart-mirrors-sinister-2019-shadow-retrace-to-20000-on-the-horizon\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/this-bitcoin-chart-mirrors-sinister-2019-shadow-retrace-to-20000-on-the-horizon\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Downloader.la-650da82057df8.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Downloader.la-650da82057df8.jpg?fit=1024%2C713"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Ronaldo Marquez"}],"creator":["Ronaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","bitcoin price analysis","btcusdt","crypto"],"dateCreated":"2023-09-22T17:00:07Z","datePublished":"2023-09-22T17:00:07Z","dateModified":"2024-06-11T06:59:08Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"This Bitcoin Chart Mirrors Sinister 2019 Shadow: Retrace To $20,000 On The Horizon?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/this-bitcoin-chart-mirrors-sinister-2019-shadow-retrace-to-20000-on-the-horizon\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/this-bitcoin-chart-mirrors-sinister-2019-shadow-retrace-to-20000-on-the-horizon\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Downloader.la-650da82057df8.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Downloader.la-650da82057df8.jpg?fit=1024%2C713\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Ronaldo Marquez\"}],\"creator\":[\"Ronaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"bitcoin price analysis\",\"btcusdt\",\"crypto\"],\"dateCreated\":\"2023-09-22T17:00:07Z\",\"datePublished\":\"2023-09-22T17:00:07Z\",\"dateModified\":\"2024-06-11T06:59:08Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Downloader.la-650da82057df8.jpg?fit=1024%2C713","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/552572"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/589"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=552572"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/552572\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/552573"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=552572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=552572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=552572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}