A closely followed crypto analyst says that Bitcoin (BTC) is close to confirming a breakout after repeatedly pushing against tough resistance.
Pseudonymous trader Rekt Capital tells his 504,000 followers on the social media platform X that BTC is one daily close away from validating a breakout from a seven-month range.
[adinserter block="1"]“Bitcoin is once again pressing beyond the very top of the resistance area (red).
Bitcoin just needs one Daily Close beyond the red resistance to position itself for a confirmed breakout from here.
Daily Close is essential to confirm lack of upside wicks beyond resistance.”
At time of writing, BTC is trading at $68,163, close to the price level indicated in Rekt’s chart.
The trader also notes that Bitcoin is printing essentially the same setup on the weekly chart as well.
“On the cusp of confirming a breakout beyond the multi-month Channel Top resistance.
A Weekly Close just like this would be bullish.”
Zooming out, Rekt Capital says that based on previous halvings – when Bitcoin miner rewards are cut in half – BTC is likely destined for higher prices in the coming months.
He shares a chart showing a pattern of BTC consolidating around the halving before climbing higher in the months following.
“We are here (orange circle).
We will be there (green circle).”
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
