Popular cryptocurrency analyst and enthusiast Rekt Capital has investigated on the recent performance of Bitcoin (BTC), citing the beginning of a process of breaking out of a weekly range that could lead to a recovery.
Bitcoin begins the breakout process
Rekt Capital previously highlighted that Bitcoin has been stuck in a weekly range it dubbed Black-Black since it witnessed a correction of around 18%. The 2021 candle shaped peak and the 2021 rising peak essentially created this weekly range.
He then stated that reclaiming the $69,200 high range for Bitcoin could indicate that the cryptocurrency is poised to break out of the weekly range. Additionally, it could also signal the completion of the pullback period mentioned above.
It appears that the analyst’s prediction came true as BTC surpassed the $69,200 level, triggering breakout activity. According to Rekt Capital, the first phase of the disruption process that Bitcoin started is a weekly close above the high range.
However, before moving higher, BTC may need to dip into the high range to retest it as new support. As a result, it would be the second phase to properly validate the week range.
The crypto expert’s analysis coincides with a recent drop in Bitcoin’s price today, raising speculation about its next move. Bitcoin opened the day around the $71,000 threshold; A few hours later, the crypto asset fell to the $69,200 level.
At the time of writing, Bitcoin is trading at $69,500, indicating a decline of around 1.29% over the previous day. BTC’s market capitalization has also decreased over the past 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 are still optimistic about the digital asset despite the pullback witnessed today. Investors are even more optimistic Bitcoin Halving event approaches due to the possible impact on BTC.
Although BTC started the day on a downswing, several analysts still believe it could have a robust performance in April. This is due to the fact that Bitcoin has seen significant growth mainly in April in recent years.
Zia Ul Haque, the founder of Open4Profit claims which last April was higher than March, while also providing a comparison of monthly increases in the price of Bitcoin from 2013 to 2024. According to data shared by Haque, April witnessed an average increase of 14.2% in price .
Haque anticipates better performance this time around as the much-awaited Bitcoin halving event will take place this month. “The halving will only be at the end of this month – April 20th, pre-halving narrative can bring a lot of attention to this market”, he stated.
Featured image from iStock, chart from Tradingview.com
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