Bitcoin’s price has rebounded to nearly $96,000, marking potential bullish momentum. Analyst Rekt Capital suggests a predicted path may lead BTC past $104,000 if it navigates key support and resistance levels, with an optimistic outlook barring any major market setbacks.
Bitcoin (BTC) has shown signs of recovery, hitting prices close to $96,000 as April closed, leading some analysts to predict a possible uptrend. While it broke through key resistance points, it hasn’t yet returned to its peak price, a crucial move that would signal the return of a bull market. Crypto analyst Rekt Capital has outlined a potential trajectory for Bitcoin that might lead it to new heights.
Looking ahead to 2025, Rekt Capital recently shared a price prediction detailing key levels for Bitcoin. After a rally in late April that helped the cryptocurrency climb back into a bullish trading range, Bitcoin is now encountering resistance around $99,000. This is reminiscent of a similar scenario from mid-October 2024, which resulted in an impressive 80% price surge.
The analyst suggests that if Bitcoin mimics its previous behaviour, it might hit a barrier at $99,000, subsequently nosediving to around $93,500. He argues that in order for the bulls to take charge, Bitcoin must stay above that support level before attempting to push past the $97,000 to $99,000 area.
Subsequent to this, Rekt Capital posits that Bitcoin could be met with more resistance at $104,500 before potentially retreating again to find support near the $97,000–$99,000 range. This pattern hints at an ascending price channel, culminating in a major rally that could see Bitcoin leap over $109,000, thus reaching a new all-time high.
As of now, Bitcoin trades at around $96,500, reflecting a slight decrease of 0.25% in the last day, yet it’s sitting in a relatively strong bullish position with gains of 1.84% this week and a substantial 15.55% over the past month. The positive momentum persists, supported by the Bitcoin Bull Index Score, which has shot up to an impressive 80, its highest since January 30. Analysts, including Rekt Capital, have identified immediate resistances at $99,000 and $104,500, and a vital support level at $93,500.
Unless some adverse macroeconomic conditions disrupt the current trend, Bitcoin appears set to complete its recovery and head into new price territory. The crypto market remains volatile, but signs are positive as analysts keep a close eye on how Bitcoin will respond to these critical resistance levels.
