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Widely followed crypto analyst Rekt Capital is suggesting that Bitcoin (BTC) is at a point in its market cycle that has historically preceded massive moves to the upside.
The pseudonymous analyst tells his 483,000 followers on the social media platform X that BTC is at a major turning point that has unfolded in previous chapters of Bitcoin’s history.
Rekt Capital’s chart suggests that BTC goes parabolic right after convincingly breaking through the previous all-time high.
“BTC.
We are here (green circle).”
After a bounce off of the $65,000 mark, the analyst says that Bitcoin has officially confirmed the level as support, and will now look toward forming a range between there and the $71,000 point.
“BTC.
The retest was successful.
Bitcoin has confirmed $65,000 as support.
Price will now continue to occupy the $65,000-$71,500 region (red)”.
At time of writing, Bitcoin is trading for $68,946.
Looking at the altcoin market, Rekt Capital is also watching Ethereum (ETH) rival Solana and is anticipating that SOL will revisit the $202 mark after printing a “successful” tag of support.
“SOL.
Looks like the Solana retest was successful.
Continue to hold this red area as new support and SOL will be able to at least revisit the $202 resistance over time.”
At time of writing, SOL is worth $189.08.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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