Coin World Report:
A highly regarded cryptocurrency analyst has stated that Bitcoin (BTC), after withstanding strong resistance multiple times, is close to confirming a breakthrough.
The pseudonymous trader, Rekt Capital, informed his 504,000 followers on social media platform Ten that BTC is just one day away from confirming a breakthrough above a 7-month range.
“Bitcoin is once again breaking above the peak of the resistance zone (in red). Bitcoin just needs a daily closing price above the red resistance level to confirm the breakout. Daily closes are crucial for confirming an upward trend lacking resistance,” said Rekt Capital.
Image: [insert image]
Source: Rekt Capital/X
At the time of writing, BTC was trading at $68,163, nearing the price level displayed on Rekt’s chart.
The trader also pointed out that Bitcoin has printed a similar setup on the weekly chart.
“Confirmation of a breakout above months-long channel resistance is imminent. Weekly closes like this will be bullish,” stated Rekt Capital.
Image: [insert image]
Source: Rekt Capital/X
Rekt Capital stated that based on previous halving events, where Bitcoin miners’ rewards are reduced, BTC may experience higher prices in the coming months.
He shared a chart showing BTC consolidating before and then climbing in the months following the halving.
“We are here (orange circle). We will be there (green circle),” he said.
Image: [insert image]
Source: Rekt Capital/X
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