Top Crypto Analyst Rekt Capital Predicts Where Bitcoin Price Is Headed Next – BTC Still 'Not Ready' for Explosion

Top analyst Rekt Capital has shared his perception of Bitcoin's market position and potential future trajectory. In his newsletter, the analyst highlighted Bitcoin's weekly close below the $60.6K support level, suggesting a possible breakdown.

Top cryptocurrency analyst Rekt Capital has shared his thoughts on Bitcoin’s recent price action and where he sees the flagship cryptocurrency headed next.

In his latest newsletter, the pseudonymous analyst highlights Bitcoin’s recent weekly close below the crucial $60,600 support level, which could indicate a potential breakdown in the making. However, Rekt Capital points out that a confirmed breakdown would only occur if BTC rallies to the $60,600 level and establishes it as new resistance.

According to the analyst, such a price move would invalidate the recent lower-high, suggesting that Bitcoin may not be ready for a breakout yet. He arrives at this conclusion by examining post-halving trends and higher timeframe analyses.

Bitcoin recently closed its weekly candle below the $60,600 support level, which marks the lower boundary of a re-accumulation range established in late February 2024. This development has caught the attention of market participants and analysts.

Rekt Capital noted, “Technically, this is the beginning of a breakdown, however it’s important to emphasize that a confirmed breakdown would only occur if BTC were to now rally to the $60,600 level and turn that level into new resistance.”

The analyst further explained that such price action is not uncommon for Bitcoin during re-accumulation phases. Throughout the current market cycle, BTC has often dipped below range lows to grab liquidity before reclaiming support levels.

Hence, the recent price move could still turn out to be a fake breakdown or a temporary deviation from the established range.

Rekt Capital also drew attention to Bitcoin’s historical behavior following halving events. The analyst pointed out that Bitcoin consolidates for up to 160 days after a halving before breaking out into a parabolic phase.

Bitcoin is only about 80 days after halving, suggesting that a breakout may still be some time away. “Historically, Bitcoin tends to make fantastic gains in the months after the Halving,” Rekt Capital stated.

“History suggests that, given that breakouts occur only some 160 days after the Halving, time-wise BTC isn’t ready for a breakout yet seeing as we’re only 80 days or so after the Halving.”

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Finally, the crypto analyst examined higher timeframe charts to provide a broader perspective on Bitcoin’s current market position. On the monthly timeframe, Bitcoin appears to be retesting the old all-time highs area as support, albeit in a volatile manner.

The crypto asset has held this level for four consecutive months, with the current price action presenting a deviation below this support zone.

Moreover, the quarterly chart showcases a similar pattern, with Bitcoin successfully retesting its previous all-time high as support last quarter and now attempting to do so again.

Rekt Capital noted, “However, we are only 8 days into the current Quarter so while BTC has pulled back over the previous days, price still has over 2.5 months left until this pivotal Quarterly close is in.”

While price action in the short term may concern some, Rekt Capital’s analysis suggests that Bitcoin's outlook in the long run remains intact.

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