A widely followed cryptocurrency analyst and trader is saying that Bitcoin’s (BTC) technicals are suddenly looking bullish.
The analyst pseudonymously known as Rekt Capital tells his 500,300 followers on the social media platform X that Bitcoin appears to be setting up for bigger moves to the upside.
“Bitcoin is performing all the right technical steps to reclaiming the channel bottom (black) as support:
- Weekly closed above the channel bottom.
- Retest the channel bottom as support.”
The analyst also says that Bitcoin Dominance (BTC.D) – which tracks the percentage of the total market cap that belongs to Bitcoin – is continuing to be bullish, implying a larger appetite for BTC than altcoins from investors.
“BTC dominance continues to make new highs. We haven’t seen highs like this in five years.”
In a video update, Rekt Capital tells his 87,800 YouTube subscribers that he believes Bitcoin’s cycle peak will not be reached until a year from now.
He references the Pi Cycle top indicator chart, which looks at price trends against the 111-day moving average (DMA) and a multiple of the 350 DMA. Generally, the crossover of the 111 DMA through the 350 DMA has correlated with market tops.
“We’re nowhere close to a bull market peak just yet, and we’re nowhere even in the conversation just yet, because we don’t even have convergence. We simply need to see price slowly start to incline, and as a result we’re going to see an incline in the PI cycle moving average. But at the moment I think we’re just going to get a repeat of history whereby we simply repeat historically recurring halving cycles and top out in September 2025.”
Looking at his chart, the analyst seems to suggest that Bitcoin may peak around the $175,000 level, potentially late next year.
Bitcoin is trading for $60,905 at time of writing, up more than 5% in the last 24 hours.
Generated Image: Midjourney