{"id":554014,"date":"2023-10-04T07:41:35","date_gmt":"2023-10-04T07:41:35","guid":{"rendered":"https:\/\/uniquehot.com\/?p=554014"},"modified":"2024-06-11T11:47:27","modified_gmt":"2024-06-11T11:47:27","slug":"historical-bitcoin-fractal-crash-below-20000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/historical-bitcoin-fractal-crash-below-20000\/","title":{"rendered":"Historical Bitcoin Fractal Pattern Hints At Crash Below $20,000"},"content":{"rendered":"

A detailed analysis by well-regarded crypto analyst Rekt Capital has spotlighted a recurring bearish fractal in the historical price data of Bitcoin, raising prospects of a potential crash below the $20,000 mark. Notoriously seen in 2019 and 2022, this pattern seems to be reemerging in the current 2023 market.<\/p>\n

For those unfamiliar, the fractal indicator identifies potential turning points on a price chart by highlighting<\/a> repetitive price patterns. In simple terms, a bearish fractal suggests a potential decline in price. Such a pattern materializes when there’s a peak price with two consecutively lower high bars\/candles on its flanks. An up arrow typically marks a bearish fractal, indicating the potential for price descent.<\/p>\n

Here’s Why Bitcoin Price Could Drop Below $20,000<\/h2>\n

The essence of this bearish pattern begins with a double top. Contrary to expectations, this double top doesn’t validate with a dip below a significant support level. Instead, the price typically sees a relief rally, forming a lower high, only to crash below the previously mentioned support.<\/p>\n

This support then morphs into a new resistance level, driving the price further down. This sequence was observed in both 2019 and 2022, and the current market scenario in 2023 mirrors the initial stages of this pattern. Rekt Capital suggests that the market is potentially in the middle of this bearish fractal, with uncertainty around where the relief rally might conclude.<\/p>\n

Related Reading: Economist Predicts \u201cMonster\u201d Move for Bitcoin: Is A 6X To $200,000 On The Table?<\/a><\/div>\n

From the beginning of April to the end of August, BTC formed<\/a> a double-top pattern in the weekly chart. However, the Bitcoin price held above the neckline at around $26,000. Then, in mid-August, BTC started its relief rally which took the price up to $28,600. “We’re probably in the A to B [phase of the] bearish fractal,” the analyst added.<\/p>\n

\"Bitcoin
Bitcoin bearish fractal | Source: X @rektcapital<\/figcaption><\/figure>\n

Diving deeper into potential scenarios, the analyst believes Bitcoin’s price could rally up to approximately $29,000 before experiencing further declines. Some key events to watch for include potential overextensions beyond the bull market support band. If Bitcoin fails to retest and maintain this band as support after breaking out, the bearish fractal remains valid.<\/p>\n

Related Reading: Can Bitcoin Continue Its Run? These Factors Could Suggest So<\/a><\/div>\n

Another important point to monitor is the revisit of the lower high resistance. Even if the price wicks beyond this resistance, a subsequent rejection would keep the bearish outlook intact. There are, however, criteria that could invalidate this bearish perspective: the bull market support band (blue) consistently holds as support, a weekly close beyond the lower high resistance ($28,000), and breaking past the $31,000 yearly highs.<\/p>\n

\"Lower
The lower high is confluent with resistance at the 200-week MA | Source: X @rektcapital<\/figcaption><\/figure>\n

On the topic of other technical indicators, Rekt Capital highlighted that Bitcoin has recently rallied to the 200-week MA. This moving average (MA), however, seems to be acting as a current resistance. Additionally, the 200-week MA aligns with the lower high resistance, presenting a crucial juncture for Bitcoin’s price in the near future. Despite his macro bullish stance on Bitcoin, Rekt Capital cautions that Bitcoin has yet to overcome the $28,000 lower high resistance in the 1-week chart.<\/p>\n

On the daily chart, Bitcoin is hovering slightly above the 38.2% Fibonacci retracement mark. For Bitcoin to avoid a descent beneath the established trend line (represented in black), it’s crucial for it to maintain a position above $27,372.<\/p>\n

\"Bitcoin
BTC hovers above key support, 1-day chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from Shutterstock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

A detailed analysis by well-regarded crypto analyst Rekt Capital has spotlighted a recurring bearish fractal in the historical price data of Bitcoin, raising prospects of a potential crash below the $20,000 mark. Notoriously seen in 2019 and 2022, this pattern seems to be reemerging in the current 2023 market. For those unfamiliar, the fractal indicator identifies potential turning points on a price chart by highlighting repetitive price patterns. In simple terms, a bearish fractal suggests a potential decline in price. Such a pattern materializes when there’s a peak price with two consecutively lower high bars\/candles on its flanks. An up arrow typically marks a bearish fractal, indicating the potential for price descent. Here’s Why Bitcoin Price Could Drop Below $20,000 The essence of this bearish pattern begins with a double top. Contrary to expectations, this double top doesn’t validate with a dip below a significant support level. Instead, the price typically sees a relief rally, forming a lower high, only to crash below the previously mentioned support. This support then morphs into a new resistance level, driving the price further down. This sequence was observed in both 2019 and 2022, and the current market scenario in 2023 mirrors the initial stages of this pattern. Rekt Capital suggests that the market is potentially in the middle of this bearish fractal, with uncertainty around where the relief rally might conclude. Related Reading: Economist Predicts \u201cMonster\u201d Move for Bitcoin: Is A 6X To $200,000 On The Table? From the beginning of April to the end of August, BTC formed a double-top pattern in the weekly chart. However, the Bitcoin price held above the neckline at around $26,000. Then, in mid-August, BTC started its relief rally which took the price up to $28,600. “We’re probably in the A to B [phase of the] bearish fractal,” the analyst added. Diving deeper into potential scenarios, the analyst believes Bitcoin’s price could rally up to approximately $29,000 before experiencing further declines. Some key events to watch for include potential overextensions beyond the bull market support band. If Bitcoin fails to retest and maintain this band as support after breaking out, the bearish fractal remains valid. Related Reading: Can Bitcoin Continue Its Run? These Factors Could Suggest So Another important point to monitor is the revisit of the lower high resistance. Even if the price wicks beyond this resistance, a subsequent rejection would keep the bearish outlook intact. There are, however, criteria that could invalidate this bearish perspective: the bull market support band (blue) consistently holds as support, a weekly close beyond the lower high resistance ($28,000), and breaking past the $31,000 yearly highs. On the topic of other technical indicators, Rekt Capital highlighted that Bitcoin has recently rallied to the 200-week MA. This moving average (MA), however, seems to be acting as a current resistance. Additionally, the 200-week MA aligns with the lower high resistance, presenting a crucial juncture for Bitcoin’s price in the near future. Despite his macro bullish stance on Bitcoin, Rekt Capital cautions that Bitcoin has yet to overcome the $28,000 lower high resistance in the 1-week chart. On the daily chart, Bitcoin is hovering slightly above the 38.2% Fibonacci retracement mark. For Bitcoin to avoid a descent beneath the established trend line (represented in black), it’s crucial for it to maintain a position above $27,372. Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":554015,"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":[428,679,1119,1122,1144],"class_list":["post-554014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusd"],"acf":[],"yoast_head":"\nHistorical Bitcoin Fractal Pattern Hints At Crash Below $20,000<\/title>\n<meta name=\"description\" content=\"Rekt Capital has spotlighted a bearish fractal in the historical price data of Bitcoin, raising prospects of a potential crash below $20,000.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Through his extensive work with uniquehot.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/uniquehot.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Historical Bitcoin Fractal Pattern Hints At Crash Below $20,000","url":"http:\/\/uniquehot.com\/news\/historical-bitcoin-fractal-crash-below-20000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/historical-bitcoin-fractal-crash-below-20000\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/shutterstock_1211232361.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/shutterstock_1211232361.jpg?fit=5333%2C3000"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"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","btc","btc price","btcusd"],"dateCreated":"2023-10-04T07:41:35Z","datePublished":"2023-10-04T07:41:35Z","dateModified":"2024-06-11T11:47:27Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Historical Bitcoin Fractal Pattern Hints At Crash Below $20,000\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/historical-bitcoin-fractal-crash-below-20000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/historical-bitcoin-fractal-crash-below-20000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/shutterstock_1211232361.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/shutterstock_1211232361.jpg?fit=5333%2C3000\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"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\",\"btc\",\"btc price\",\"btcusd\"],\"dateCreated\":\"2023-10-04T07:41:35Z\",\"datePublished\":\"2023-10-04T07:41:35Z\",\"dateModified\":\"2024-06-11T11:47:27Z\"}<\/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\/10\/shutterstock_1211232361.jpg?fit=5333%2C3000","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/554014"}],"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\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=554014"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/554014\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/554015"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=554014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=554014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=554014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}