{"id":554625,"date":"2023-10-09T15:00:29","date_gmt":"2023-10-09T15:00:29","guid":{"rendered":"https:\/\/wncen.com\/?p=554625"},"modified":"2024-06-11T08:12:34","modified_gmt":"2024-06-11T08:12:34","slug":"bitcoin-trader-shares-the-only-chart-you-need-to-profit-from-btc-in-2024","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-trader-shares-the-only-chart-you-need-to-profit-from-btc-in-2024\/","title":{"rendered":"Bitcoin Trader Shares The \u201cOnly Chart\u201d You Need To Profit From BTC In 2024"},"content":{"rendered":"

The Bitcoin price has been retracing over today\u2019s trading session after reclaiming some lost ground. The selling pressure could push BTC back to critical support levels unless buyers can stop the current price action. <\/strong><\/p>\n

Related Reading: Bitcoin Price Ready For Blast-Off As Key Metrics Signal A Bull Run: Top Analyst<\/a><\/div>\n

As of this writing, Bitcoin trades at $27,400 with a 2% loss in the last 24 hours. Over the previous week, the cryptocurrency recorded a 3% loss as the rest of the crypto top 10 by market cap moves in a similar direction.<\/p>\n

\"Bitcoin
BTC’s price trends to the upside on the daily chart. Source: BTCUSDT on Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

The One Bitcoin Chart For Success?<\/h2>\n

Crypto analyst and trader Rekt Capital shared<\/a> a thesis supported on the upcoming Bitcoin Halving. This event was designed to halve the rewards miners granted to include new blockchain transactions.<\/p>\n

In 2024, these rewards will drop from the current 6.25 BTC per block to 3.125 BTC. The halving is one of the most important events in the Bitcoin ecosystem as it directly impacts the supply and demand dynamics of the BTC market.<\/p>\n

Rekt Capital believes that the cryptocurrency behaves in a certain way as the Halving approaches. In 2019, after years of trending to the downside and moving sideways, Bitcoin experienced a relief rally.<\/p>\n

The analyst believes the upside momentum experienced in the past weeks coincides with this relief rally. The chart below shows that the 2019 and the current price action are similar.<\/p>\n

\"Bitcoin
BTC 2020 halving could suggest a fresh re-test of the trading range lows before the bull run. Source: Rekt Capital<\/figcaption><\/figure>\n

The chart shows the cryptocurrency crashed from the short-term top formed after the relief rally. If history repeats, the Bitcoin price will drop to the lows of the triangle, targeting a critical resistance of around $30,000.<\/p>\n

Following The Roadmap<\/h2>\n

In the financial world, traders often look at past price data to predict future results, but history rarely repeats similarly. However, Rekt Capital believes a crash from the current levels or the area closest to $30,000 could be an opportunity and a roadmap.<\/p>\n

Market participants should be on the look of this crash and of a spike in trading volume as BTC reaches a critical point. Two months before the halving, this spike in volume should hint at an imminent rally.<\/p>\n

Related Reading: Crypto Analyst Presents Data To Prove That XRP Is Deflationary<\/a><\/div>\n

In the short term, traders should keep an eye on the low pointed out by the analyst; if Bitcoin touches these levels, there is an opportunity to set up a position before BTC reclaims the area above $30,000. As the chart above shows, the cryptocurrency often breaks critical resistance very close to the Halving.<\/p>\n

Rekt Capital wrote:<\/p>\n

~60 days before the Halving, a Pre-Halving rally tends to occur (light blue). In anticipation of the Halving, investors “Buy the Hype” in an effort to “Sell the News.\u201d Once Bitcoin breaks out from the re-accumulation area breakout into the parabolic uptrend (green). It is during this phase Bitcoin experiences accelerated growth on its way to new All Time Highs.<\/p><\/blockquote>\n

Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price has been retracing over today\u2019s trading session after reclaiming some lost ground. The selling pressure could push BTC back to critical support levels unless buyers can stop the current price action. Related Reading: Bitcoin Price Ready For Blast-Off As Key Metrics Signal A Bull Run: Top Analyst As of this writing, Bitcoin trades at $27,400 with a 2% loss in the last 24 hours. Over the previous week, the cryptocurrency recorded a 3% loss as the rest of the crypto top 10 by market cap moves in a similar direction. The One Bitcoin Chart For Success? Crypto analyst and trader Rekt Capital shared a thesis supported on the upcoming Bitcoin Halving. This event was designed to halve the rewards miners granted to include new blockchain transactions. In 2024, these rewards will drop from the current 6.25 BTC per block to 3.125 BTC. The halving is one of the most important events in the Bitcoin ecosystem as it directly impacts the supply and demand dynamics of the BTC market. Rekt Capital believes that the cryptocurrency behaves in a certain way as the Halving approaches. In 2019, after years of trending to the downside and moving sideways, Bitcoin experienced a relief rally. The analyst believes the upside momentum experienced in the past weeks coincides with this relief rally. The chart below shows that the 2019 and the current price action are similar. The chart shows the cryptocurrency crashed from the short-term top formed after the relief rally. If history repeats, the Bitcoin price will drop to the lows of the triangle, targeting a critical resistance of around $30,000. Following The Roadmap In the financial world, traders often look at past price data to predict future results, but history rarely repeats similarly. However, Rekt Capital believes a crash from the current levels or the area closest to $30,000 could be an opportunity and a roadmap. Market participants should be on the look of this crash and of a spike in trading volume as BTC reaches a critical point. Two months before the halving, this spike in volume should hint at an imminent rally. Related Reading: Crypto Analyst Presents Data To Prove That XRP Is Deflationary In the short term, traders should keep an eye on the low pointed out by the analyst; if Bitcoin touches these levels, there is an opportunity to set up a position before BTC reclaims the area above $30,000. As the chart above shows, the cryptocurrency often breaks critical resistance very close to the Halving. Rekt Capital wrote: ~60 days before the Halving, a Pre-Halving rally tends to occur (light blue). In anticipation of the Halving, investors “Buy the Hype” in an effort to “Sell the News.\u201d Once Bitcoin breaks out from the re-accumulation area breakout into the parabolic uptrend (green). It is during this phase Bitcoin experiences accelerated growth on its way to new All Time Highs. Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"author":535,"featured_media":554627,"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":[428,679,680,1119,1122,78790],"class_list":["post-554625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-bitcoin-price-analysis","tag-btc","tag-btc-price","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Trader Shares The \u201cChart\u201d You Need To Profit From BTC<\/title>\n<meta name=\"description\" content=\"The Bitcoin price has been retracing over today\u2019s trading session after reclaiming some lost ground, but the worst might is yet to come.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Trader Shares The \u201cOnly Chart\u201d You Need To Profit From BTC In 2024","url":"http:\/\/wncen.com\/news\/bitcoin-trader-shares-the-only-chart-you-need-to-profit-from-btc-in-2024\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-trader-shares-the-only-chart-you-need-to-profit-from-btc-in-2024\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-BTCUSDT-BTC-Price.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-BTCUSDT-BTC-Price.jpg?fit=640%2C360"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","bitcoin price analysis","btc","btc price","btcusdt"],"dateCreated":"2023-10-09T15:00:29Z","datePublished":"2023-10-09T15:00:29Z","dateModified":"2024-06-11T08:12:34Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Trader Shares The \\u201cOnly Chart\\u201d You Need To Profit From BTC In 2024\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-trader-shares-the-only-chart-you-need-to-profit-from-btc-in-2024\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-trader-shares-the-only-chart-you-need-to-profit-from-btc-in-2024\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Bitcoin-BTC-BTCUSDT-BTC-Price.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Bitcoin-BTC-BTCUSDT-BTC-Price.jpg?fit=640%2C360\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"bitcoin price analysis\",\"btc\",\"btc price\",\"btcusdt\"],\"dateCreated\":\"2023-10-09T15:00:29Z\",\"datePublished\":\"2023-10-09T15:00:29Z\",\"dateModified\":\"2024-06-11T08:12:34Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-BTCUSDT-BTC-Price.jpg?fit=640%2C360","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/554625"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=554625"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/554625\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/554627"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=554625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=554625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=554625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}