A closely watched crypto analyst says Bitcoin (BTC) is on the verge of confirming a breakout after repeatedly pushing against strong resistance.
Pseudonymous trader Rekt Capital tells his 504,000 followers on social media platform
“Bitcoin once again pushes past the top of the resistance area (red).
Bitcoin only needs one Daily Close past red resistance to position itself for a confirmed breakout from here.
Daily Close is essential to confirm the lack of upside resistance.”
At the time of writing, BTC is trading at $68,163, close to the price level indicated on Rekt’s chart.
The trader also notes that Bitcoin prints essentially the same setup on the weekly chart as well.
“On the verge of confirming a breakout beyond the Channel Top’s multi-month resistance.
A weekly close like this would be bullish.”
Zooming out, Rekt Capital says that based on previous halvings – when rewards for Bitcoin miners are halved – 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 subsequent months.
“We are here (orange circle).
We will be there (green circle).”
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Generated image: Midjourney
Credit : dailyhodl.com
