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.
“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).”
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Generated Image: Midjourney