Bitcoin (BTC) Price Prediction: Rekt Capital Says BTC Will 'Breakout' in 35 Days

Bitcoin (BTC) is up over 4.5% today, marking a notable pump for the king of cryptos. The BTC price is now trading well above $61k

Bitcoin price is up over 4.5% today, marking a notable pump for the king of cryptos. BTC price is now trading well above $61K, and for now, bulls should protect that $60K level that was finally reclaimed after a few uneventful days.

In other news, Bitcoin ETFs saw an inflow of over $60 million yesterday, which could have positively affected sentiment among crypto traders.

Moreover, Rekt Capital’s analysis suggests that BTC will breakout in 35 days.

Bitcoin price analysis: BTC set to ‘breakout’ in 35 days – Rekt Capital’s crypto price prediction

Bitcoin’s price has seen a notable pump today, rising over 4.5% and adding to the gains seen over the past few weeks.

After a period of consolidation, BTC price finally managed to reclaim the key $60K level, which has now shifted to become a support zone. The bulls are now tasked with defending this level and preventing further declines.

notably, Bitcoin price has been largely dull since hitting a record high of $63,361 on April 12th. However, the recent price action seems to be signaling a return of the bulls.

Bitcoin price pumps 4.5%, whales accumulate 94,700 BTC in 6 weeks

The recent Bitcoin ETF inflows could be a positive sign for crypto traders

Rekt Capital’s 35-day breakout Bitcoin price prediction

renowned crypto analyst Rekt Capital has posted a new detailed analysis on Bitcoin price in his latest newsletter.

He believes that BTC will breakout in 35 days. According to Rekt Capital, the predominant market structure for Bitcoin can be conceptualized in two ways: the Weekly Channel and the Re-Accumulation Range.

When it comes to the Weekly Channel, Bitcoin has been trying to reclaim the bottom of it as support for the past 3-weeks or so but to no avail. Last week, Bitcoin needed to perform a Weekly Close above $58,888 to secure this reclaim, but it failed to do so.

However, due to the declining nature of the Channel Bottom, it will represent lower prices, making it technically easier for the price to Weekly Close above it in the future. This week, the price point of the Channel Bottom has slightly dropped to ~$58,674.

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Now, onto the Re-Accumulation Range perspective. Historically, Bitcoin has broken out from a ReAccumulation Range some 150-160 days after the Halving. Given that we are 126 days after the Halving, that means Bitcoin could be just over a month away from a breakout from the Range.

To start, Bitcoin needs to reclaim the Re-Accumulation Range as support, beginning with a positive reclaim of the Weekly Channel Bottom followed by a positive reclaim of the Re-Accumulation Range Low at $60,600.

Interestingly, since Rekt Capital’s newsletter, Bitcoin’s price has actually broken above the $60,600 level, potentially signaling the start of this reclamation process.

The analyst suggests that a September breakout would align with historical tendencies while still indicating a slightly accelerated cycle for Bitcoin.

Read also: Ripple Analyst Warns: Bitcoin Maxis Don’t Want You to Know This- Will XRP Price Explode?

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