A well-known cryptocurrency analyst and trader, operating under the pseudonym Rekt Capital, recently shared some bullish insights on Bitcoin’s technicals. According to Rekt Capital, Bitcoin is showing signs of upward momentum, indicating potential for significant price movements.
One key observation made by Rekt Capital is that Bitcoin is on track to reclaim the channel bottom as a support level. This is supported by the fact that the weekly close was above the channel bottom, followed by a successful retest of the same level as support. These technical indicators suggest that Bitcoin may be gearing up for a bullish trend.
Additionally, Rekt Capital pointed out that Bitcoin Dominance (BTC.D) has been on the rise, reaching levels not seen in five years. This trend implies a growing preference for Bitcoin over other cryptocurrencies, indicating strong investor interest in the leading digital asset.
In a video update for his YouTube subscribers, Rekt Capital shared his prediction that Bitcoin’s cycle peak may not occur until a year from now. He referenced the Pi Cycle top indicator chart, which looks at price trends in relation to moving averages. By analyzing historical data, Rekt Capital believes that Bitcoin may peak around the $175,000 level, potentially in late 2025.
As of the time of writing, Bitcoin is trading at $60,905, showing a more than 5% increase in the last 24 hours. This price movement aligns with the bullish technical indicators highlighted by Rekt Capital, suggesting that Bitcoin’s upward trajectory may continue in the near future.
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Please note that the images used in this article are for illustrative purposes only, sourced from Midjourney.