Renowned crypto analyst Rekt Capital has not too long ago highlighted<\/a> the pivotal nature of the Bitcoin worth\u2019s imminent month-to-month candle shut. In a press release by way of X (previously Twitter), he detailed that Bitcoin has tagged the $27,000 month-to-month degree from the underside, that means it’s performing as resistance in the meanwhile.<\/p>\n He defined that \u201cthe 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.\u201d<\/p>\n To give this assertion some historic context, the previous month \u2013 August \u2013 noticed a big improvement for the flagship cryptocurrency. BTC registered a bearish month-to-month candle shut, ending beneath roughly $27,150. This knowledge level, in keeping with Rekt Capital, successfully confirmed it as misplaced assist.<\/p>\n Reflecting on this improvement on the time, the analyst had conveyed that it’s attainable BTC might surge to $27,150, \u201cmaybe 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.\u201d<\/p>\n Rekt Capital\u2019s observations about Bitcoin aren\u2019t made in isolation however are deeply rooted in Bitcoin\u2019s historic worth and cycle behaviors. Drawing parallels to earlier patterns, he had beforehand make clear Bitcoin\u2019s tendencies round 200 days earlier than a halving occasion.<\/p>\n \u201cAt 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.\u201d<\/p>\n These historic retracements at an analogous juncture have given rise to 2 important insights, as said by Rekt Capital. First, an instantaneous retracement has occurred at this similar level within the cycle. Second, a repeated retrace of between -24% to -37% in 2023 would lead Bitcoin to retest its macro increased low, presumably pushing its worth beneath the $20,000 threshold.<\/p>\n The analyst didn\u2019t cease there. Accentuating the perfect accumulation phases for buyers, he famous, \u201cThe 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.\u201d<\/p>\n Shifting the main focus to potential future outcomes, Rekt Capital made an intriguing hypothesis in regards to the potential of BTC\u2019s worth motion post-halving: \u201cIf ~$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.\u201d<\/p>\n To summarize, the upcoming month-to-month candle shut for Bitcoin might have profound implications for the asset\u2019s short-to-mid-term trajectory. All eyes will now be on whether or not BTC manages to shut above or beneath the important $27,150 mark \u2013 an indicator that would both affirm a technical breakdown or prevail over a traditionally untypical worth rally.<\/p>\n At press time, BTC stood at $26,687.<\/p>\n Featured picture from Shutterstock, chart from TradingView.com<\/p>\n<\/p><\/div>\n![\"Bitcoin](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/09\/F7BqjmqWUAEPeHW.jpg?resize=1788%2C1200\")
Is Bitcoin Following Historical Patterns?<\/h2>\n
![\"Bitcoin](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/09\/F68jGjGXMAAOzpN.jpg?resize=1788%2C1264\")
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