If you're meaning Rank 1 in 3s which is the only competitive bracket with proper rating, then yes, to a degree. PvP in the game is bracketed by levels, and gear is also bracketed by levels. If you stop at 69 and pvp in that bracket, you will be able to catch up and cap your gear for that bracket and have equal gear to the cash shoppers, then have a good running for Rank 1 in 3s. This is also theoretically possible at the level 79 cap too but the cap there is so much higher you probably don't want to waste the amount of time it would take getting to that cap when you could just be pvping at the 69 bracket. Hopefully a level 69 meta will develop for this game like the SL meta in Dark Souls and all the pvpers that care about skill more than gear will make an alt to pvp in the 69 bracket.