A respected analyst and trader in the crypto industry shares insights on the potential breakout of Bitcoin (BTC) as it maintains a crucial support level.
According to the analyst, known as Rekt Capital, Bitcoin is displaying bullish signals on the weekly timeframe, hinting at a possible surge towards $67,000 by the start of October. He notes that Bitcoin recently achieved a higher high and closed above the resistance at $64,300, indicating a positive momentum shift. While some downside volatility may occur during a retrace, a weekly close above this level could set the stage for a challenge to the downtrending channel top in early October.
Additionally, Rekt Capital highlights Bitcoin’s resilience in confirming a successful retest of the $58,696 level on the quarterly timeframe, further reinforcing the bullish outlook. The analyst points out that Bitcoin’s performance in September marked its best on record, implying ongoing market strength.
Looking ahead, the analyst suggests that Bitcoin could be on the cusp of a parabolic breakout this cycle, drawing parallels to the 2020 halving event. By referencing the time window post-halving and historical data, he speculates on a potential breakout scenario for Bitcoin.
As of the latest update, Bitcoin is trading at $62,552, showing a slight decrease of nearly 2% in the past 24 hours. The continuous analysis and insights provided by experts like Rekt Capital offer valuable perspectives for investors and enthusiasts in the dynamic crypto industry.
