A widely followed crypto analyst says that Bitcoin (BTC) is on the brink of breaking out of its bearish market structure, noting that it is on its way to its highest price tag since January.
In a new thread, pseudonymous crypto trader Rekt Capital tells his 546,600 followers on the social media platform X that if the crypto king can stay above a key level, it could shoot up to $104,500 by the middle of June.
“Bitcoin is on the cusp of breaking its downtrend dating to mid-December 2024 (black diagonal). Bitcoin just needs to stay above ~$98,700 for the retest of the week to position itself for a breakout towards $104,500 (red).”
According to the trader, BTC is almost done with its first price discovery correction period, a time, he says, was an optimal time for investors to reaccumulate the flagship digital asset.
“Bitcoin has almost concluded its first price discovery correction period. Granted, the corrective phase lasted longer than has historically been the case.
But it didn’t change the fact that the correction was an optimal re-accumulation opportunity with a high probability of price reversal to the upside. Bitcoin is just below $100,000 right now.”
In December, Rekt Capital noted that BTC’s price discovery correction phase was starting.
The analyst goes on to say that, based on historical precedent, altcoin season should start in early 2025 after BTC dominance begins to falter around 71%. Currently, BTC’s dominance level, or the percentage of the total crypto market cap it takes up, is sitting at about 65%.
“If history repeats, the real Altseason everybody is waiting for would begin once Bitcoin Dominance rejects from 71% (red) And right now, 71% is only ~6% away.”
BTC is trading for $100,792 at time of writing, a 4.2% gain during the last 24 hours.
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