BTC Price Action Will Likely Remain Bullish, XLM Retests Key Support Zone: Analyst

A widely followed crypto analyst says that Bitcoin's (BTC) still has upward momentum while updating his outlook on payments network Stellar (XLM).

Crypto strategist Rekt Capital is updating his outlook on Bitcoin (BTC) and payments network Stellar (XLM).

The pseudonymous analyst tells his 519,600 followers on social media platform X that it appears as if the top crypto asset by market cap is continuing its technical uptrend.

“Bitcoin continues to hold its four-week technical uptrend line as support. Bitcoin would likely need to lose this uptrend line if a deeper correction is to take place from these levels. So far, the technical uptrend continues.”

The trader’s chart suggests that BTC could surpass the $105,000 price tag by early next year. At the time of writing, Bitcoin is trading at $100,253, down 2.1% over the last 24 hours.

Moving on to Stellar, which is an XRP rival, the analyst says in his newsletter that the digital asset has breached one of the most significant price points in its history and that any further pullbacks should retest this zone.

“The Binance Listing Price (green box) has historically been a crucial reference point for price It has served as a strong resistance (pre-2019 and 2022) and it has served as a support (early 2021).

Going forward, any deeper pullbacks should see XLM tag this region for a post-breakout retest of it; this region’s significance as a reference point cannot be understated and price has somehow managed to find ways to tag this region as support throughout its history. Can history repeat in that regard this time around as well?”

At the time of writing, XLM is trading at $0.439, down 1% on the day.