Cryptocurrency expert and enthusiast Rekt Capital has recently decoded the intricate machinations of Bitcoin (BTC), noting the commencement of a breakout process from a weekly range that hints at a potential uptick in the digital currency’s performance.
In an analysis of Bitcoin’s recent fluctuations, Rekt Capital refers to a pattern labeled as the ‘Black-Black’ range. This term was coined to describe Bitcoin’s standing after it weathered an approximately 18% correction. The Black-Black range can be largely attributed to the interplay between the pinnacle candle-body from 2021 and the uppermost wicking peak from the same year, which jointly set the parameters of the weekly range.
Rekt Capital put forth the hypothesis that if Bitcoin were to reclaim the range high of $69,200, it would be an indication that the cryptocurrency is ready to puncture the boundaries of its weekly range. Moreover, this could imply the end of the previously mentioned retrenchment period.
As current trends unfold, it seems that Rekt Capital’s prediction has materialized, with Bitcoin exceeding the benchmark $69,200, thereby igniting a breakout mechanism. In his nuanced assessment, Rekt Capital identifies the first segment of the breakout process—the accomplishment of a Weekly Close above the Range High.
Nevertheless, before ascending further, BTC may necessitate a plunge back into the range high to certify a successful retest as fresh support. Following this, the second stage of affirming a successful breach of the weekly range would occur.
Rekt Capital’s keen analysis coincides with Bitcoin’s unexpected drop in value today, which propelled speculations about its impending trajectory. Bitcoin launched the day encircling the $71,000 mark, only to experience a dip to the level of $69,200 just hours later.
At the point of writing, Bitcoin hovered around $69,500, marking a reduction of approximately 1.29% within the previous day. Similarly, BTC’s market cap followed the trend with a dip of the same percentage in the preceding 24 hours. However, its daily trading volume reported a surging swell of over 52%.
Despite the downslide experienced today, believers in Bitcoin remain optimistic. And as Bitcoin’s halving event draws nearer, the substantial influence this could have on BTC is generating palpable enthusiasm amongst investors.
Interestingly, although BTC’s decline was the talking point of today’s performance, several analysts and players in the cryptocurrency sphere maintain vigorous confidence in its performance throughout April. This assurance stems from Bitcoin’s historical performance in April across the years, which generally records noteworthy growth.
Open4Profit’s Founder, Zia Ul Haque, affirms that historically, April has outperformed March, citing comparisons between the monthly progressions of Bitcoin prices from 2013 to 2024. Data shared by Haque revealed an average of 14.2% surge in Bitcoin prices each April.
Haque nurtures anticipations for even more impressive results considering the highly antithetical Bitcoin halving event slated for later this month. He summarized this sentiment, stating, “Halving is just at the end of this month – April 20th, pre-halving narrative can bring lots of attention to this market.”
