Cryptocurrency analyst Rekt Capital recently discussed the potential for Bitcoin to reach new all-time highs in a video. Examining historical trends, Rekt Capital pointed out certain tendencies that have repeated over time, offering details into what the future might hold for Bitcoin’s price.
The analysis focused on an 8° angled trend line, which has historically played a crucial role in rejecting prices before and after Bitcoin’s halving events. Rekt Capital pointed to previous instances, such as 2016 and 2019, where the trend line acted as an important resistance before ultimately being reclaimed as support after the halving.
In the current market cycle, Bitcoin has revisited this trend line for the first time, reaching around $45,000. The key question raised by Rekt Capital is whether Bitcoin will experience a rejection, similar to 2016, leading to a brief correction, or if it will break beyond the trend line, potentially reaching new highs beyond $45,000.
The analysis suggests that, historically, after the halving event, Bitcoin tends to recover and reclaim the trend line as new support, leading to a rally to new all-time highs. Based on this pattern, Rekt Capital estimates that approximately 215 days after the halving event, which is expected in April 2024, Bitcoin could reach a new all-time high.
Rekt Capital anticipates a bullish scenario in Candle 4 of 2024, driven by the combination of the halving event and the introduction of an ETF, which could make this cycle more explosive than previous ones.
While talking about the possibility of short-term volatility, including a pre-halving retracement, the overall analysis remains optimistic, with the potential for Bitcoin to break beyond $46,000 and achieve new highs by November 2024.
Rekt Capital concluded the analysis by suggesting that 2024 could mark the peak of the bull market, with Bitcoin potentially surpassing $100,000 and entering a phase of price discovery.
