A crypto strategist, known as Rekt Capital, who accurately predicted the Bitcoin correction before the halving this year, believes that BTC is currently experiencing a breakout process that is technically sound. Taking to the social media platform X, Rekt Capital informs his 507,000 followers that Bitcoin is in the process of transforming a significant resistance level into support. He describes this as a textbook post-breakout confirmation.
To solidify the breakout, Rekt Capital states that Bitcoin needs to close the current week above two crucial levels. A bullish weekly close would be above approximately $66,300 (black channel top), while a very bullish weekly close would be above around $67,900 (green box top). At the time of writing, Bitcoin is trading at $66,989.
Zooming out, Rekt Capital emphasizes that Bitcoin’s halving cycle is still on track, despite the extended consolidation period of BTC. By analyzing historical data, he notes that Bitcoin is currently ahead by more than a month compared to previous halving cycles. In the 2015-2017 cycle, Bitcoin reached its peak 518 days after the halving, and in the 2019-2021 cycle, it peaked 546 days after the halving. If history repeats itself, the next bull market peak could occur between mid-September and mid-October 2025, aligning with a 518-546 day timeframe. Currently, Bitcoin is accelerating in this cycle by approximately 35 days. Therefore, the longer Bitcoin consolidates after the halving, the more it will synchronize with the traditional halving cycle.
Disclaimer: The opinions expressed in this article are not investment advice. Investors should conduct their own research before making high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please note that all transfers and trades are at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor is it an investment advisor.
