A crypto strategist who accurately called the pre-halving Bitcoin correction this year believes BTC is undergoing a technically sound breakout process.
Pseudonymous analyst Rekt Capital tells his 507,000 followers on the social media platform X that Bitcoin is in the process of flipping a key resistance level into support.
“The old downtrend is now acting as support.
Looks like textbook post-breakout confirmation.”
The analyst says Bitcoin needs to close the current week above two crucial levels to cement the breakout.
“A bullish weekly close would be above ~$66,300 (black channel top).
A very bullish weekly close would be above ~$67,900 (green box top).”
At time of writing, Bitcoin is trading for $66,989.
Zooming out, Rekt Capital highlights that Bitcoin’s halving cycle is still within schedule despite BTC’s long consolidation period.
He looks at historical data and notes that BTC is currently ahead by more than a month compared to 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, that would mean Bitcoin could peak in this cycle in mid-September or mid-October 2025.
Currently, Bitcoin is still accelerating in this cycle by approximately 35 days or so.
So the longer Bitcoin consolidates after the halving, the better it will be for resynchronising this current cycle with the traditional halving cycle.”
Generated Image: Midjourney