Bitcoin’s price recently bounced back, hitting almost $96,000. This looks promising, but it hasn’t quite reached its previous peak yet. So, is a new bull market really starting?
A Crypto Analyst’s Prediction
One crypto analyst, Rekt Capital, thinks so. They’ve outlined a possible path for Bitcoin to reach new highs, potentially even surpassing $104,000.
The Path to $104,500
According to Rekt Capital, Bitcoin’s April rally helped it recover from a dip and get back into a bullish trend. However, there’s resistance around $99,000.
Interestingly, a similar situation happened in October 2024, which led to an 80% price increase. Based on this historical pattern, Rekt Capital suggests that if Bitcoin hits resistance at $99,000, it might drop to around $93,500. If Bitcoin bulls can hold the price above this support level, another rally could push it past $97,000-$99,000.
After that, there might be another resistance point at $104,500. If the price falls back from there, it could find support again around $97,000-$99,000. From there, Rekt Capital predicts a breakout, potentially sending Bitcoin past $109,000 and setting a new all-time high.
Bitcoin’s Current State
Right now, Bitcoin is trading around $96,500. While it’s slightly down in the last 24 hours, it’s up significantly over the past week and month. The Bitcoin Bull Index is also at its highest point since January, further supporting the bullish sentiment.
The Bottom Line
Rekt Capital’s analysis points to key resistance levels at $99,000 and $104,500, with crucial support at $93,500. If everything goes according to plan, and there are no major economic setbacks, Bitcoin could be on its way to some serious price gains. But remember, this is just one analyst’s prediction, and the crypto market is notoriously volatile.
