{"id":666312,"date":"2024-12-23T09:30:20","date_gmt":"2024-12-23T09:30:20","guid":{"rendered":"https:\/\/uniquehot.com\/?p=666312"},"modified":"2024-12-23T07:35:19","modified_gmt":"2024-12-23T07:35:19","slug":"worst-case-scenario-bitcoin-right-now","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin\/worst-case-scenario-bitcoin-right-now\/","title":{"rendered":"What\u2019s The Worst Case Scenario For Bitcoin Right Now? Analyst Explains"},"content":{"rendered":"

In his latest video<\/a> published on December 21, crypto analyst Rekt Capital tried to answer the question \u201cWhat\u2019s The Worst Case Scenario For Bitcoin Right Now?\u201d. After reaching a new all-time high at $108,374 on December 17, the BTC price is down more than -11%.<\/p>\n

How Low Can Bitcoin Price Go?<\/h2>\n

Rekt Capital put the Bitcoin price pullback<\/a> in a historical perspective, underscoring the historical importance of weeks 6, 7, and 8 in a \u201cprice discovery uptrend.\u201d Drawing upon past cycles such as 2013, 2016\u20132017, and 2021, he explained that Bitcoin has a strong tendency to correct during these specific windows, with some dips reaching as steep as 34% or even higher.<\/p>\n

\u201cUnderstanding these weeks is crucial because they tend to be problematic for Bitcoin,\u201d Rekt Capital stated, referencing past cycles where significant downturns occurred within this timeframe. For instance, in week 7 of the 2013 cycle, Bitcoin experienced a dramatic 75% pullback over 13 weeks. Similarly, the 2016-2017 period saw a 34% decline in week 8, underscoring the recurring vulnerability during these specific weeks.<\/p>\n

Related Reading: Is The Bitcoin Top In For This Cycle? On-Chain Signals You Need To Know<\/a><\/div>\n

As of the current cycle, Bitcoin has undergone a 10%+ retracement, bringing its price into a historically critical support zone at $96,537 on the weekly chart. Rekt Capital emphasized the importance of this support level, noting, \u201cThis area of historical support has enabled the move to $108,000.\u201d He cautioned that failure to maintain this support could trigger a more severe correction down to $89,830.<\/p>\n

\"Bitcoin
Bitcoin price analysis weekly chart | Source: X @rektcapital<\/figcaption><\/figure>\n

Examining the price action of the last few days, Rekt Capital pointed out the emergence of a bearish engulfing candle in the weekly timeframe\u2014a technical indicator often associated with potential reversals. \u201cWe\u2019re losing resistances that turned into support,\u201d he observed. This loss signifies a potential transition into a corrective period, as the price struggles to maintain its upward trajectory.<\/p>\n

Related Reading: Analyst Says Bitcoin Price Peak Lies Above $225,000, The Timeline Will Shock You<\/a><\/div>\n

Rekt Capital also pointed out the importance of maintaining the 5-week technical line in his analysis. \u201cIf we lose this 5-week technical uptrend and the orange trend line, it would be mounting evidence that we might be transitioning into a corrective period,\u201d he warned.<\/p>\n

\"Bitcoin
Bitcoin weekly chart | Source: X @rektcapital<\/figcaption><\/figure>\n

Furthermore, he addressed the CME gap<\/a> between the $78,000 and $80,000 price levels, a critical area that has remained unfilled. \u201cDelving into 26%, 27%, 28% dips could fill the entire CME gap,\u201d Rekt Capital noted.<\/p>\n

Historically, CME gaps have the tendency to get filled whereas there are a few ones which have never been filled.
\nDespite all cautionary signals, Rekt Capital maintains a bullish stance in the long-term \u201cThese pullbacks are what enable future uptrends in the parabolic phase of the cycle,\u201d he explained. Drawing from previous cycles, he illustrated how corrections have historically provided the necessary “breather” for the market.<\/p>\n

In the 2021 cycle, for example, Bitcoin experienced a 16% pullback in week 6 and an 8% dip in week 8, yet the overall trend continued upward. Similarly, the current 10% retracement, while significant, could serve as a preparatory phase for the next leg of price discovery<\/a>.<\/p>\n

At press time, BTC traded at $95,000.<\/p>\n

\"Bitcoin
BTC price rejected at the channel, 4-hour chart | Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image created with DALL.E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

In his latest video published on December 21, crypto analyst Rekt Capital tried to answer the question \u201cWhat\u2019s The Worst Case Scenario For Bitcoin Right Now?\u201d. After reaching a new all-time high at $108,374 on December 17, the BTC price is down more than -11%. How Low Can Bitcoin Price Go? Rekt Capital put the Bitcoin price pullback in a historical perspective, underscoring the historical importance of weeks 6, 7, and 8 in a \u201cprice discovery uptrend.\u201d Drawing upon past cycles such as 2013, 2016\u20132017, and 2021, he explained that Bitcoin has a strong tendency to correct during these specific windows, with some dips reaching as steep as 34% or even higher. \u201cUnderstanding these weeks is crucial because they tend to be problematic for Bitcoin,\u201d Rekt Capital stated, referencing past cycles where significant downturns occurred within this timeframe. For instance, in week 7 of the 2013 cycle, Bitcoin experienced a dramatic 75% pullback over 13 weeks. Similarly, the 2016-2017 period saw a 34% decline in week 8, underscoring the recurring vulnerability during these specific weeks. Related Reading: Is The Bitcoin Top In For This Cycle? On-Chain Signals You Need To Know As of the current cycle, Bitcoin has undergone a 10%+ retracement, bringing its price into a historically critical support zone at $96,537 on the weekly chart. Rekt Capital emphasized the importance of this support level, noting, \u201cThis area of historical support has enabled the move to $108,000.\u201d He cautioned that failure to maintain this support could trigger a more severe correction down to $89,830. Examining the price action of the last few days, Rekt Capital pointed out the emergence of a bearish engulfing candle in the weekly timeframe\u2014a technical indicator often associated with potential reversals. \u201cWe\u2019re losing resistances that turned into support,\u201d he observed. This loss signifies a potential transition into a corrective period, as the price struggles to maintain its upward trajectory. Related Reading: Analyst Says Bitcoin Price Peak Lies Above $225,000, The Timeline Will Shock You Rekt Capital also pointed out the importance of maintaining the 5-week technical line in his analysis. \u201cIf we lose this 5-week technical uptrend and the orange trend line, it would be mounting evidence that we might be transitioning into a corrective period,\u201d he warned. Furthermore, he addressed the CME gap between the $78,000 and $80,000 price levels, a critical area that has remained unfilled. \u201cDelving into 26%, 27%, 28% dips could fill the entire CME gap,\u201d Rekt Capital noted. Historically, CME gaps have the tendency to get filled whereas there are a few ones which have never been filled. Despite all cautionary signals, Rekt Capital maintains a bullish stance in the long-term \u201cThese pullbacks are what enable future uptrends in the parabolic phase of the cycle,\u201d he explained. Drawing from previous cycles, he illustrated how corrections have historically provided the necessary “breather” for the market. In the 2021 cycle, for example, Bitcoin experienced a 16% pullback in week 6 and an 8% dip in week 8, yet the overall trend continued upward. Similarly, the current 10% retracement, while significant, could serve as a preparatory phase for the next leg of price discovery. At press time, BTC traded at $95,000. Featured image created with DALL.E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":666313,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,91282,1119,89185,1122,93748,93749],"class_list":["post-666312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-anaysis","tag-btc","tag-btc-news","tag-btc-price","tag-how-low-can-bitcoin-go","tag-how-low-can-bitcoin-price-go"],"acf":[],"yoast_head":"\nWhat\u2019s The Worst Case Scenario For Bitcoin? 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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":"What\u2019s The Worst Case Scenario For Bitcoin Right Now? 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