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The analyst who accurately called Bitcoin’s pre-halving correction last year believes BTC is on the verge of igniting rallies en route to new all-time highs.
Pseudonymous analyst Rekt Capital tells his 546,700 followers on the social media platform X that Bitcoin needs to take out its last resistance area at around $105,000 to trigger a breakout into price discovery.
“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.”
Source: Rekt Capital/X
In crypto trading, price discovery generally refers to an asset soaring to uncharted territory and new all-time high levels.
With Bitcoin struggling to take out the resistance for now, Rekt says that BTC may need to first revisit a key level below $100,000 and flip it into support before the crypto king erupts.
“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.”
Source: Rekt Capital/X
At time of writing, Bitcoin is worth $102,473.
Looking at Ethereum, Rekt says that ETH has surged into a new trading range after last week’s 40% eruption. According to the trader, the doors are now open for ETH to attack its 2024 highs close to $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.”
Source: Rekt Capital/X
At time of writing, ETH is worth $2,469.
