Benzinga - Pseudonymous crypto strategist Rekt Capital, known for accurately predicting Bitcoin’s (CRYPTO: BTC) current correction, suggests that the cryptocurrency is on the brink of an all-time high breakout.
What Happened: Rekt Capital informed his 440,100 followers on X that Bitcoin has begun the breakout process, as reported by Daily Hodl on Tuesday. Bitcoin reportedly finished the last week of March above its resistance level at $69,000, marking the first step of the breakout process.
"Weekly close above the range high (RH) is the 1st step. And if BTC needs to dip into the RH to successfully retest it as new support before continuing higher…That would be the 2nd step to fully confirming the breakout,” he wrote.
The analyst further asserted that to confirm the all-time high breakout, Bitcoin needs to transform the resistance level into support. Moreover, to ensure a successful retest, Bitcoin must maintain a weekly closing above $65,596.
At the time of writing this article, Bitcoin was trading 7.49% lower at $65,827.44 according to Benzinga Pro data.
See Also: Elon Musk’s Potential Repeat Of Dogecoin Move Prompts Crypto Analyst To Say, ‘In Before He Runs It Back’
Why It Matters: The potential all-time high breakout of Bitcoin could have a substantial impact on the crypto market. The performance of altcoins such as Solana, Dogecoin, and Litecoin, as highlighted by the analyst, could shape future investment strategies in the crypto space. Recently, there was a surge in major cryptocurrencies, including Bitcoin, which reached $70,000, marking a positive close to the first quarter. This aligns with Rekt Capital’s analysis and points towards a potential breakout.
However, analysts predict that Bitcoin’s traditional four-year market cycle is nearing an end, suggesting major changes in the crypto market. If this trend continues, it could further support the breakout prediction.
Read Next: Dogecoin Set to Surge Over 200%, Says Crypto Analyst: ‘It’s Going To Do Something Insane This Cycle’
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