A well-known crypto analyst known as Rekt Capital is indicating that Bitcoin (BTC) is currently in a market phase that has historically led to significant upward movements.

The analyst, who shares insights with 483,000 followers on the social media platform X, suggests that BTC is approaching a crucial moment that has been seen in previous cycles of Bitcoin’s history.

Based on Rekt Capital’s chart, Bitcoin tends to surge dramatically after breaking through its previous all-time high.

“BTC. We are currently at this point (highlighted in green).”


Source: Rekt Capital/X

Following a bounce from the $65,000 level, the analyst believes that Bitcoin has now established $65,000 as a solid support level and is likely to consolidate within a range of $65,000 to $71,000.

“BTC. The retest was successful. Bitcoin has confirmed $65,000 as support. Price is expected to hover between $65,000 and $71,500 (highlighted in red).”


Source: Rekt Capital/X

As of the time of writing, Bitcoin is trading at $68,946.

In addition to Bitcoin, Rekt Capital is keeping an eye on the altcoin market, particularly on Solana, a competitor to Ethereum (ETH). The analyst predicts that SOL will likely return to the $202 level after showing strong support.

“SOL. It appears that the Solana retest was successful. If this red zone continues to hold as support, SOL could potentially revisit the $202 resistance level in the future.”


Source: Rekt Capital/X

At the time of writing, SOL is valued at $189.08.

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