Crypto analyst Rekt Capital predicts a Bitcoin (BTC) price surge is imminent. Their analysis suggests BTC is on the verge of breaking out of a prolonged downtrend.
Bitcoin’s Breakout Potential
Rekt Capital, a popular analyst with a large following on X (formerly Twitter), points to technical indicators suggesting a significant price increase for Bitcoin. They highlight BTC’s recent close above a key resistance line as a crucial step toward confirming a breakout. The analyst emphasizes that breaking this downtrend would signal the start of a new uptrend.
Weekly Chart Analysis and Key Levels
Looking at the weekly chart, Rekt Capital identifies a critical exponential moving average (EMA) as a key level for BTC. A weekly close above approximately $86,900 is needed to solidify the breakout and potentially trigger a sustained rally. At the time of writing, Bitcoin was trading slightly below this level.
Ethereum’s Outlook
The analysis also covers Ethereum (ETH). Rekt Capital suggests that ETH needs to maintain its current price range to mirror the positive price action seen earlier in 2023. Holding the lower bound of a historical support area is crucial for this potential rally to occur. At the time of writing, ETH was trading at $1,595.
Disclaimer: This information is for general knowledge and does not constitute investment advice. Always conduct thorough research and consider professional advice before making any investment decisions.
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