Bitcoin (BTC) is on the brink of potentially making new all-time highs, according to prominent cryptocurrency analyst Rekt Capital
Prominent cryptocurrency analyst Rekt Capital, who boasts over 105,000 subscribers on YouTube, has suggested that Bitcoin (CRYPTO: BTC) is nearing the end of its corrective phase and could soon enter a new price discovery phase. This comes as the coin edges closer to making new all-time highs.
Currently, Bitcoin is priced at around $103,621. Despite recent all-time highs, Rekt Capital notes that Bitcoin has not broken through the key resistance level on the weekly chart, which is essential for confirming the next major price move. Bitcoin’s resistance has been identified at the $104,671 level, and Rekt Capital highlights the importance of a weekly close above this threshold to signal that the asset is ready for a breakout.
In his latest YouTube update, the analyst discussed Bitcoin’s current market position and what needs to happen for the cryptocurrency to continue its upward trajectory. He pointed out that although Bitcoin has already experienced a U-shaped reversal, the market has yet to sustain new highs above the old all-time highs. For a breakout to be considered valid and sustainable, Bitcoin needs to close above the previous all-time highs on the weekly chart.
“Once we see a weekly close above the final major resistance at $104,671, that would indicate the end of the corrective phase and signal the start of the next bullish rally,” Rekt Capital stated. The analyst emphasized that breaking this resistance would trigger price discovery, a term used to describe a situation where an asset trades at price levels it has never reached before, possibly setting the stage for further gains.
This critical resistance level at $104,671 has become a focal point for Bitcoin traders. A successful break above it could spark a new rally, propelling Bitcoin’s price to even higher levels. The analyst’s theory suggests that if Bitcoin manages to surpass this price point and establish new all-time highs, it could trigger an influx of bullish sentiment, driving the market to new heights.
Bitcoin’s price movements have been a roller coaster in recent months, characterized by periods of bullish optimism followed by corrections. Despite these fluctuations, analysts remain hopeful that Bitcoin can continue its upward momentum. Rekt Capital’s predictions center around the idea that the current market cycle is in the final stages of consolidation, and once the resistance at $104,671 is overcome, the market could see a sharp upward move.
For traders, the key to success lies in closely watching Bitcoin’s movements around the $104,671 mark. If Bitcoin breaks this level decisively, it will signal a shift in market sentiment and confirm that the cryptocurrency has entered a new growth phase. This would not only benefit Bitcoin but could also have a ripple effect across the broader cryptocurrency market, leading to increased investor confidence and a new wave of institutional adoption.
Bitcoin’s path forward depends heavily on the next few weeks as traders and analysts closely monitor whether Bitcoin can surpass the $104,671 resistance. Should it do so, the price discovery phase would likely lead to significant price gains, potentially marking the start of a new bull market cycle for the leading cryptocurrency.
