Crypto Analyst Says Bitcoin Due for Breakout After Successful Macro Price Retest – Here’s His Outlook
A popular analyst and trader says Bitcoin ( BTC ) may be gearing up for a breakout after holding a key support level.
The analyst pseudonymously known as Rekt Capital says in his newsletter that Bitcoin is looking bullish on the weekly time frame and could soon make a run to around $67,000 to kick-off October.
“Bitcoin recently formed a new higher high and performed a weekly close above the late August resistance of $64,300 (green), which now means that BTC will try to reclaim this old resistance into new support. There may be downside volatility on this retrace but if BTC is able to weekly close above this green level, then price will likely re-challenge the downtrending channel top (black) in early October.”
He tells his 502,100 followers on the social media platform X that Bitcoin is also looking bullish for confirming a successful retest of the $58,696 level on the quarterly or three-month timeframe.
Source: Source: Rekt Capital/X
The analyst also says that Bitcoin has had its best September performance in its history, suggesting market strength moving forward.
“Don’t let a -5% dip distract you from the fact that Bitcoin has experienced its best September of all-time by producing a +7% monthly return.”
Source: Source: Rekt Capital/X
The analyst says that Bitcoin may be on the verge of a parabolic breakout this cycle if it follows a similar time window to the 2020 halving, when miners’ rewards were cut in half.
“It is 163 days after the halving [as of September 30th]. Which is exactly the amount of days after the halving that Bitcoin broke out from its re-accumulation range in 2020.”
Source: Source: Rekt Capital/X
Bitcoin is trading for $62,552 at time of writing, down nearly 2% in the last 24 hours.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X , Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: DALLE3
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
After Saudi Pipeline Attack, Gulf Exports Expand as Seven Super Tankers Load 14 Million Barrels; Brent Crude Breaks $100 Intraday, WTI Drops Over 6%
Last Sunday, the shipment of approximately 14 million barrels of oil in a single day further demonstrated Saudi Arabia's ability to rapidly shift its export focus to Gulf ports, and also indicated that the duration of the current supply disruption may be shorter than the market's previously pessimistic expectations.
Bitcoin Rises Above $85,000 to Hit Eight-Month High: Legislative Failure Becomes Catalyst, Funds Flow Back from AI to Crypto
Bitcoin surpassed $85,000, reaching an eight-month high. Bitwise Chief Investment Officer Hougan declared the "crypto winter" is over and the "crypto spring" has arrived. Hougan believes that with fundamentals continually improving and AI funds returning to the crypto market, this cycle could be the strongest and longest bull market in history. From a technical perspective, $90,000 will be the key level to test the strength of the market.
AVAX targets $126.03 after technical breakout, tokenized stocks launch on Avalanche
Attention iPhone Users: Here’s What You Need to Do to Protect Your Cryptocurrencies—A New Attack Has Been Discovered
Crypto prices
More
