Renowned cryptocurrency analyst Rekt Capital is proposing that Bitcoin (BTC) is currently at a crucial stage in its market cycle that has historically led to significant upward movements.
The analyst, who goes by a pseudonym, is informing his 483,000 followers on the social media platform X that BTC is at a pivotal moment that has been seen in previous chapters of Bitcoin’s history.
According to Rekt Capital’s analysis, BTC tends to surge parabolically after successfully surpassing its previous all-time high.
“BTC. We are at this point (green circle).”
After bouncing off the $65,000 level, the analyst confirms that Bitcoin has now established $65,000 as a strong support level and is expected to trade within a range between $65,000 and $71,000.
“BTC. The retest was a success. Bitcoin has cemented $65,000 as support. Price will now consolidate in the $65,000-$71,500 range (red).”
Currently, Bitcoin is being traded at $68,946.
In addition to Bitcoin, Rekt Capital is keeping an eye on Solana, a competitor to Ethereum (ETH), and predicts that SOL will likely retest the $202 level after confirming it as a solid support zone.
“SOL. It appears that the Solana retest was successful. If this red area continues to hold as new support, SOL could potentially revisit the $202 resistance in the near future.”
As of now, SOL is valued at $189.08.
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