Crypto strategists who accurately judged Bitcoin’s pre-halving correction this year believe that BTC is undergoing a technically sound breakout process.
Pseudonymous analyst Recto Capital told his 507,000 followers on social media platform X that Bitcoin is in the process of converting a key resistance level into support.
“The old downtrend is now acting as support.
It looks like a textbook post-breakout confirmation. ”
Source: Rekt Capital/X
The analyst says Bitcoin needs to close this week above two key levels to ensure a breakout.
“A bullish weekly close will be above approximately $66,300 (black channel high).
A very bullish week’s close would be around $67,900 (top of the green box). ”
Source: Rekt Capital/X
At the time of this writing, Bitcoin is trading at $66,989.
Zooming out, Rekt Capital highlights that despite BTC’s long consolidation period, the Bitcoin halving cycle is still on schedule.
He looked at historical data and pointed out that BTC is currently more than a month ahead of other halving cycles.
“In the 2015-2017 cycle, Bitcoin peaked 518 days after the halving.
In the 2019-2021 cycle, Bitcoin peaked 546 days after the halving.
If history repeats and the next bull market peak occurs 518-546 days after the halving, it means Bitcoin could peak in mid-September or mid-October 2025 in this cycle. I will.
Currently, Bitcoin is still accelerating this cycle by about 35 days.
Therefore, the longer Bitcoin consolidates after the halving, the better it will be to resynchronize this current cycle with the traditional halving cycle. ”
Source: Rekt Capital/X
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