Bitcoin is inching closer to a major breakout, according to a popular crypto analyst. Rekt Capital, a well-known trader with over 500,000 followers on X (formerly Twitter), believes that Bitcoin is just one day away from breaking out of a seven-month trading range.
One Day Closer to a Breakout
Rekt Capital highlights that Bitcoin has been pushing against a strong resistance level, but a single daily close above this level would signal a confirmed breakout. He explains that a daily close is crucial to ensure that the price doesn’t just spike briefly before falling back down.
Weekly Breakout Potential
Rekt Capital also points out that Bitcoin is showing a similar breakout pattern on the weekly chart. A weekly close above the resistance level would be a strong bullish signal, suggesting a sustained upward movement.
Halving Cycle Suggests Higher Prices
Looking at the bigger picture, Rekt Capital believes that Bitcoin is likely headed for higher prices in the coming months. He points to the halving cycle, which occurs every four years and cuts the reward for Bitcoin miners in half. Historically, Bitcoin has consolidated around the halving before experiencing significant price increases in the months that follow.
Analyst’s Prediction
Rekt Capital believes that Bitcoin is currently in a similar consolidation phase, and he predicts that it will eventually break out to higher levels.
Disclaimer: This information is for educational purposes only and should not be considered investment advice. Always do your own research before making any investment decisions.
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