Popular analyst and cryptocurrency enthusiast Rekt Capital has x.com/rektcapital/status/1774605858799829028?s=20″ target=”_blank” rel=”nofollow”>deepened on bitcoin's (btc) recent performance citing the beginning of a weekly range breaking process that could possibly lead to a rally.
bitcoin begins the breakout process
Rekt Capital previously highlighted that bitcoin has been stuck within a weekly range it dubbed Black-Black, since witnessing a correction of around 18%. The 2021 candle body peak and the 2021 bullish peak basically created this weekly range.
He then stated that reclaiming the high of the $69,200 range for bitcoin could indicate that the cryptocurrency is poised to break out of the weekly range. Furthermore, he could also indicate the conclusion of the aforementioned retrograde period.
It seems that the analyst forecast came true as btc surpassed the $69,200 level, sparking breakout activity. According to Rekt Capital, the first phase of the breakup process that bitcoin has started is a weekly close above the range high.
However, before moving up, btc may need to dive into the high range to properly retest it as new support. As a result, it would be the second phase to properly validate the weekly range breakout.
The crypto expert's analysis coincides with a recent drop in the price of bitcoin today, leading to speculation about its next move. bitcoin opened the day around the $71,000 threshold; A few hours later, the crypto asset fell to the level of $69,200.
At the time of writing, bitcoin was trading at $69,500, indicating a drop of around 1.29% over the past day. btc's market capitalization has also decreased in the last 24 hours by the same percentage, while its daily trading volume has increased by more than 52%.
A bullish month for btc
This suggests that investors remain bullish on the digital asset despite the pullback seen today. Investors are even more optimistic as The bitcoin Halving The event is approaching due to the possible impact on btc.
Although btc started the day with a drop, several analysts still believe it could have a solid performance in April. This is due to the fact that bitcoin has seen significant growth in April in recent years.
Zia Ul Haque, founder of Open4Profit x.com/ImZiaulHaque/status/1774653820351684732?s=20″ target=”_blank” rel=”nofollow”>claims which in the past April has been higher than March while providing a comparison of the monthly increases in the price of bitcoin from 2013 to 2024. According to data shared by Haque, April has witnessed an average price increase of 14.2 %.
Haque anticipates a better performance this time as the long-awaited bitcoin halving event will take place this month. “The halving will only occur at the end of this month, on April 20. before halving Narrative can attract a lot of attention to this market,” he said.
Featured image from iStock, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
