A popular crypto analyst, Rekt Capital, is predicting a bullish future for Bitcoin (BTC). According to the analyst, who boasts a massive following on X (formerly Twitter), Bitcoin’s recent successful retest of a key support level signals a potential price surge into uncharted territory.
Bitcoin’s Transition to a New Uptrend
Rekt Capital explains that Bitcoin is currently in a transition phase. The cryptocurrency is attempting to solidify its recent breakout by retesting its support level. A successful retest could propel Bitcoin into a new “price discovery uptrend,” where prices move beyond previously seen levels. However, the analyst acknowledges the possibility of some volatility during this retest phase.
Key Indicators to Watch
Rekt Capital highlights a crucial weekly closing price for Bitcoin. A close above $104,400 for the fourth consecutive week would strongly confirm the successful retest and signal a bullish trend.
Looking at the daily chart, the analyst points to another key level: closing above and flipping immediate resistance at approximately $106,600 to support would further solidify the bullish continuation. This would confirm the breaking of a recent two-week downtrend.
Current Bitcoin Price and Disclaimer
At the time of writing, Bitcoin is trading around $105,528. It’s important to remember that this information is for general knowledge and shouldn’t be considered investment advice. Always conduct your own research before making any investment decisions.
