Trader Says Bitcoin on Cusp of Breaking Out of Bearish Market Structure, Outlines Path to New Multi-Month High
A widely followed crypto analyst says that Bitcoin (BTC) is about to get out of its lower market structure, noting that it is on its way to its highest price since January.
In a new thread, pseudonymous crypto trader rekt capital tell Its 546,600 subscribers on the X social media platform that if the crypto king can stay above a key level, it could draw up to $ 104,500 by mid-June.
“Bitcoin is about to break its downward trend in mid-December 2024 (Diagonal Black). Bitcoin must just remain greater than ~ 98,700 for the retest of the week to position itself for an escape around $ 104,500 (red).”
According to the merchant, the BTC almost finished with its first period of correction of the price discovery, a time, he said, was an optimal moment for investors for react The flagship digital asset.
“Bitcoin almost concluded its first period of correction of the price discovery. Consulted, the corrective phase lasted longer than that was the case historically.
But that did not change the fact that correction was an opportunity for optimal reactuction with a high probability of upward price reversal. Bitcoin is just below $ 100,000 right now. »»
In December, Rekt Capital note The correction phase of the discovery of BTC prices began.
The analyst goes to say This, on the basis of the previous history, the Altcoin season should start at the beginning of 2025 after the domination of the BTC begins to vacillate around 71%. Currently, the Dominance level of BTC, or the percentage of the total market capitalization of the cryptography it occupies, is around 65%.
“If history is repeated, the real season in Alts-season that everyone is waiting would begin once the domination of Bitcoin rejects 71% (red) and at the moment, 71% is only ~ 6%.”
BTC is negotiated on $ 100,792 at the time of the editorial staff, a gain of 4.2% in the last 24 hours.
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