A widely followed cryptocurrency analyst and trader says Bitcoin (BTC) technicals suddenly look bullish.
The analyst under the pseudonym Rekt Capital tells are 500,300 followers on the social media platform
“Bitcoin is executing all the right technical steps to regain the channel bottom (black) as support:
- Closed weekly above the canal bottom.
- Retest the channel bottom for support.”
The analyst too say that Bitcoin Dominance (BTC.D) – which tracks the percentage of the total market capitalization belonging to Bitcoin – remains bullish, implying that investors have a greater interest in BTC than in altcoins.
“BTC’s dominance continues to reach new highs. We have not seen such highlights in five years.”
In a video update, Rekt Capital tells to his 87,800 YouTube subscribers that he believes Bitcoin’s cycle peak won’t be reached for another year.
He is referring to the Pi Cycle top indicator chart, which looks at price movements against the 111-day moving average (DMA) and a multiple of the 350 DMA. In general, the crossover from the 111 DMA through the 350 DMA is correlated with market tops.
“We are nowhere near a bull market peak, and we are not even in discussions yet, because there is not even convergence. We simply need to see the price start to slowly rise, and as a result we will see an increase in the moving average of the PI cycle. But right now I think we’re just going to have a repeat of history, simply repeating historically recurring halving cycles and peaking in September 2025.”
Looking at his chart, the analyst seems to suggest that Bitcoin could potentially peak around $175,000 late next year.
Bitcoin is trading at $60,905 at the time of writing, up more than 5% in the past 24 hours.
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Generated image: Midjourney