Bitcoin (BTC) Is Close to Confirming a Breakout, Says Rekt Capital

A closely followed crypto analyst says that Bitcoin (BTC) is close to confirming a breakout after repeatedly pushing against tough resistance.

Seasoned crypto analyst reveals that Bitcoin (BTC) is nearing confirmation of a breakout after encountering strong resistance on multiple occasions.

Operating under the pseudonym Rekt Capital, the trader informs his 504,000 followers on social media platform X that BTC is one daily close away from confirming a breakout from a seven-month range.

“Bitcoin is once again pressing beyond the very top of the resistance area (red).

One Daily Close beyond the red resistance is all Bitcoin needs to fully position itself for a confirmed breakout from here.

Daily Close is essential to confirm lack of upside wicks beyond resistance.”

At the time of writing, BTC is trading at $68,163, close to the price level indicated in Rekt’s chart.

The trader also notes that Bitcoin is forming essentially the same setup on the weekly chart.

“On the cusp of confirming a breakout beyond the multi-month Channel Top resistance.

A Weekly Close just like this would be bullish.”

Taking a broader view, Rekt Capital says that based on previous halvings, where Bitcoin miner rewards are cut in half, BTC is likely headed for higher prices in the coming months.

He shares a chart showing a pattern of BTC consolidating around the halving before rallying to higher highs in the months following.

“We are here (orange circle).

We will be there (green circle).”

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