Market participants are keenly observing Bitcoin’s trajectory as a prominent analyst, who accurately predicted the pre-halving dip last year, indicates the cryptocurrency is nearing a significant turning point. This analysis suggests that the benchmark digital asset could be on the verge of entering uncharted price territory, contingent on overcoming a key technical barrier.
Approaching a Critical Threshold
The analyst, known within the community as “Rekt Capital”, highlights that Bitcoin is presently converging on a critical resistance zone situated close to the $105,000 mark. According to this perspective, securing a confirmed weekly closing price above this specific threshold could serve as the catalyst for the initiation of the next substantial upward price cycle, potentially propelling BTC towards setting a new all-time high valuation.
While the current market momentum appears robust, the crucial resistance area has not yet been definitively breached. Rekt Capital cautions that Bitcoin might first need to retreat to support levels positioned beneath the six-figure threshold. This potential pullback could be necessary to establish a stronger foundation for a subsequent and more sustainable price rally.
Potential Support Retest
Specifically, the analyst identifies the area around $97,000 as a probable zone for a retest. This scenario becomes particularly likely if BTC encounters difficulty surpassing the $104,500 level in the immediate future. Should Bitcoin successfully bounce from the $97,000 level, effectively confirming it as a support base, this price action could mirror patterns observed during previous post-halving phases, potentially igniting a renewed bullish ascent.
The market’s focus is now directed towards the outcomes of the next few weekly closing prices. These periods are anticipated to be pivotal as bulls endeavor to push the leading digital asset forward into its subsequent growth cycle.
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