Bitcoin Analyst Predicts New All-Time Highs as BTC Nears Breakout
The renowned analyst who accurately predicted Bitcoin’s pre-halving correction last year is now foreseeing a potential surge in the leading cryptocurrency’s price, setting the stage for new all-time highs.
Bitcoin’s Resistance at $105,000 Crucial for Breakout
Rekt Capital, a well-known pseudonymous analyst, shares insights with over half a million followers on X, highlighting the importance of Bitcoin surpassing its last resistance area around $105,000 to trigger a breakout into price discovery territory.
“Can Bitcoin Weekly Close above the Range High of its recently reclaimed Re-Accumulation Range to kickstart the breakout process?
Bitcoin is on the cusp of beginning Price Discovery Uptrend two.”
In the realm of cryptocurrency trading, price discovery signifies an asset’s surge to unprecedented levels, including setting new record highs.
While Bitcoin faces resistance at present, Rekt Capital suggests that BTC might need to revisit a crucial level below $100,000 and establish it as support before witnessing a significant upward movement.
“That means that unless BTC is able to break $104,500 Range High resistance, then anything within that price range would be fair game [this] week.
And if the Lower High needs to be turned into support (like in the Post-Halving period; blue circle), dips into $97,000 would satisfy that retest.”
Currently, Bitcoin is valued at $102,473.
Ethereum Poised to Target $4,000 Following Price Surge
Turning to Ethereum, Rekt Capital notes that ETH has entered a new trading range after a significant surge of 40% last week. The analyst believes that Ethereum is now well-positioned to challenge its 2024 highs near $4,000.
“Ethereum [has printed a] Weekly Close in its $2,200-$3,900 Macro Range.
Weekly Closes above $2,200 have historically set off uptrends across the Range (blue circle).
Any dips, if needed at all, would solidify $2,200 as Range Low support.”
At the time of writing, Ethereum is priced at $2,469.
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