Bitcoin Nears Critical Resistance in Push for Record Levels

A prominent crypto analyst, known as Rekt Capital, suggests that Bitcoin could be on the brink of achieving new all-time highs, signaling the end of its current correction phase.

The analyst explained that Bitcoin might soon transition into a price discovery phase, where it trades at unprecedented levels.

He highlighted the emergence of a U-shaped reversal in Bitcoin’s price movements, a historical pattern often preceding significant rallies.

However, the analyst emphasized the importance of confirming this breakout. For a sustainable rally, Bitcoin must establish a weekly close above its previous all-time highs, solidifying its momentum and breaking through the critical $104,671 resistance level.

READ MORE:

Semler Scientific Seeks $75M to Support Bitcoin Initiatives

If this resistance is breached on the weekly chart, the analyst predicts Bitcoin could begin a new upward trajectory, entering uncharted price territory.

“A weekly close above this major resistance,” he said, “could mark the beginning of a significant rally.”

Alexander Zdravkov