Popular cryptocurrency analyst and enthusiast Rekt Capital has dug to the recent performance of Bitcoin (BTC), citing the beginning of a breakout process from a weekly range that could potentially lead to an upswing.
Bitcoin begins the breakout process
Rekt Capital previously highlighted that Bitcoin has been stuck within a weekly range it called Black-Black since it witnessed a correction of around 18%. The 2021 candlestick peak and the 2021 upside peak essentially created this weekly range.
He then claimed that regaining the $69,200 Range High for Bitcoin could indicate that the cryptocurrency is ready to break out of the weekly range. Moreover, this could also mark the end of the aforementioned pullback period.
It looks like the analyst’s prediction has come true as BTC has breached the $69,200 level, triggering breakout activity. According to Rekt Capital, this is the first phase in the breakout process Bitcoin has initiated is a weekly close above the Range High.
However, before BTC can move higher, it may need to dip into the high range for it to retest as new support. As a result, this would be the second phase to properly validate the breakout from the weekly range.
The crypto expert’s analysis coincides with a recent drop in Bitcoin’s price today, sparking speculation about it next move. Bitcoin opened the day around the $71,000 threshold; a few hours later, the crypto asset fell to the $69,200 level.
At the time of writing, Bitcoin was trading at $69,500, indicating a decline of around 1.29% in the past day. BTC’s market capitalization has also declined by the same percentage over the past 24 hours, while daily trading volume has increased by more than 52%.
A bullish month for BTC
This suggests that investors are still bullish on digital assets, despite the pushback we’re seeing today. Investors are even more optimistic Bitcoin halves events are approaching due to the possible impact on BTC.
Although BTC started the day with a decline, several analysts still believe it could perform robustly in April. This is due to the fact that Bitcoin has experienced significant growth in recent years, especially in April.
Zia Ul Haque, the founder of Open4Profit claims which was superior to March in the past April while providing a comparison of Bitcoin’s monthly price increases from 2013 to 2024. According to data shared by Haque, April witnessed an average price increase of 14.2%.
Haque expects better performance this time as the highly anticipated Bitcoin halving will take place this month. “The halving will not take place until the end of this month – April 20. halve in advance story can bring a lot of attention to this market,” he said.
Featured image from iStock, chart from Tradingview.com
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