Bitcoin (BTC) Heading for Confirmed Breakout as Price Pushes Against Resistance According to Analyst

A closely followed crypto analyst says Bitcoin (BTC) is close to confirming a breakout after repeatedly bumping up against tough resistance.

The pseudonymous trader Rect Capital told his 504,000 followers on social media platform X that BTC is one day away from validating a breakout from the seven-month range.

“Bitcoin is once again pushing the very top of the resistance area (red).

Bitcoin needs only one daily close beyond red resistance for a confirmed breakout from here.

A daily close is essential to ensure the lack of upside wicks beyond resistance.”

Source: Rekt Capital/X

At the time of writing, BTC is trading at $68,163, close to the price level indicated on Rect's chart.

The trader also noted that Bitcoin is printing essentially the same setup on the weekly chart as well.

“Time to confirm breakout beyond multi-month channel top resistance.

A weekly close like this would be bullish.”

Bitcoin (BTC) Heading for Confirmed Breakout as Price Pushes Against Resistance According to Analyst – Daily Hoddle — Source: Rekt Capital/X

Zooming out, Rect Capital says that based on previous halvings – when bitcoin mining rewards were cut in half – BTC is likely destined for higher prices in the coming months.

He shared a chart showing a pattern of BTC consolidating around the halving before climbing higher in the coming months.

“Here we are (orange circle).

We will be there (green circle).

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