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October 20, 2024

Bitcoin (BTC) Edging Toward Confirmed Breakout As Price Pushes Against Resistance, According to Analyst

By Alex Richardson

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.

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“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.”

Source: Rekt Capital/X

At time of writing, BTC is trading at $68,163, close to the price level indicated in Rekt’s chart.

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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.”

Source: Rekt Capital/X

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.

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“We are here (orange circle).

We will be there (green circle).”

Source: Rekt Capital/X

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