Crypto Analyst Predicts Bitcoin Breakout Following Strong Weekly Close

A crypto analyst with a track record of accurately predicting Bitcoin’s movements has set the stage for a potential rally in the leading cryptocurrency.

Bitcoin’s Breakout Pattern

The pseudonymous analyst known as Rekt Capital informed his large following on X that Bitcoin was on the cusp of a breakout. He emphasized the importance of a weekly candle close above $119,200 to confirm a bullish continuation pattern.

After Bitcoin closed the previous week at around $119,400, Rekt Capital expressed optimism about the cryptocurrency flipping the resistance level into support. He believes that breakout rallies could be on the horizon.

Rekt Capital stated, “Bitcoin did it. Bitcoin Weekly Closed above the ~$119,200 Bull Flag Top and is now in the process of retesting it to fully confirm the breakout. Downside wicking is possible on this retest, as long as the Bull Flag Top is maintained as support.”

As of the latest update, Bitcoin is currently trading at $118,183.

Altcoin Outlook

Rekt Capital also highlighted the performance of the memecoin Pudgy Penguins (PENGU), noting a strong weekly close. However, he cautioned about a bearish divergence on the daily chart that needs to be addressed for sustained momentum.

While Pudgy Penguins showed strength with its highest-ever weekly close, the altcoin must retest the $0.04 old resistance level as new support to confirm a successful breakout. Rekt Capital mentioned the presence of bearish divergences on the daily chart that could impact the bullish bias.

At the time of writing, Pudgy Penguins (PENGU) is valued at $0.041.

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