Bitcoin Rebound to $96,000 Signals Potential Bull Run

Bitcoin (BTC) prices rebounded to as high as $96,000 in late April, marking a bullish end to the month and potentially signaling the start of a price uptrend. Despite breaking key resistances, BTC has yet to return to its present market peak price, which would ultimately confirm the resumption of the bull market. Crypto analyst Rekt Capital has shared a potential price trajectory through which Bitcoin could realize its bullish potential, leading to new price discovery.

Rekt Capital's analysis suggests that Bitcoin’s price rally in late April allowed the asset to recover from its downside deviation and return to a bullish trading range. Following this development, the premier cryptocurrency is now facing a black lower high resistance at the $99,000 price region. Interestingly, BTC experienced a similar situation in mid-October 2024, resulting in an 80% price rally.

According to Rekt Capital, for Bitcoin to repeat the price surge seen in Q4 2024 from this similar position, the asset will experience a price rejection at $99,000, which is expected to force prices as low as $93,500. The analyst explains that Bitcoin bulls must hold price movement at this support level before launching another price rally to break through the $97,000 – $99,000 region. Thereafter, BTC could likely face another rejection at $104,500 and return to find support around $97,000 – $99,000. After forming an ascending price channel, Rekt Capital then predicts Bitcoin to launch a price surge from this support level, moving past $109,000 to establish a new all-time high.

At the time of writing, Bitcoin trades at $96,500 following a price loss of 0.25% in the last 24 hours. However, Bitcoin has now entered comfortable bullish territory with gains of 1.84% and 15.55% in the last seven and thirty days, respectively. This development is confirmed by other factors, including the Bitcoin Bull Index Score, which is now at 80 – the highest it has ever been since January 30. According to Rekt Capital’s analysis, the immediate price resistances for the premier cryptocurrency lie at $99,000 and $104,500, with the most critical support set at $93,500.

Ask Aime: "Will Bitcoin reach a new high after its recent rebound?"

Barring any negative macroeconomic developments, Bitcoin looks poised to complete its price recovery and launch into new price territory. The analysis by Rekt Capital suggests that historical data are strong factors in price prediction, and if Bitcoin follows the pattern seen in Q4 2024, it could potentially surge above $104,500, establishing a new all-time high. This optimistic outlook is supported by the current bullish trends and the resilience of Bitcoin in maintaining its support levels.