Bitcoin May Rally 10% After Reclaiming $104,400 Support

A cryptocurrency analyst and trader, known by the pseudonym Rekt Capital, has shared his outlook on Bitcoin (BTC), describing the current market as a transitional period that could lead to a price correction before a rally. Rekt Capital, who has a significant following on YouTube, suggests that Bitcoin may first need to reclaim a major support level before an uptrend can begin.

According to the analyst, the key support level to reclaim is around $104,400, which Bitcoin held for nearly seven weeks. If this level is successfully reclaimed, it could act as a foundation for further price movements. Rekt Capital predicts that if Bitcoin can flip the current range high and resistance level of around $109,000 into a support zone, it could serve as a springboard for another leg up. This transition, if confirmed, would signal the start of a new uptrend, potentially leading to multiple weeks of upside momentum and new all-time highs.

Rekt Capital emphasizes the importance of confirming a breakout above the current resistance levels. Once this breakout is confirmed, the analyst expects Bitcoin to experience sustained upward movement, potentially reaching new all-time highs. This optimistic outlook is based on the belief that reclaiming key support levels and flipping resistance into support will provide the necessary momentum for a prolonged uptrend.

At the time of writing, Bitcoin is trading at $106,710, reflecting the current market dynamics and the transitional period described by Rekt Capital. The analyst's predictions are grounded in technical analysis and market observations, highlighting the potential for significant gains if key levels are successfully reclaimed and resistance is flipped into support.