A widely followed crypto analyst says that Bitcoin ( BTC ) is on the brink of breaking out of its bearish market structure, noting that it is on its way to its highest price tag since January. In a new thread, pseudonymous crypto trader Rekt Capital tells his 546,600 followers on the social media platform X that if the crypto king can stay above a key level, it could shoot up to $104,500 by the middle of June. “Bitcoin is on the cusp of breaking its downtrend dating to mid-December 2024 (black diagonal). Bitcoin just needs to stay above ~$98,700 for the retest of the week to position itself for a breakout towards $104,500 (red).” Source: Rekt Capital/X According to the trader, BTC is almost done with its first price discovery correction period, a time, he says, was an optimal time for investors to reaccumulate the flagship digital asset. “Bitcoin has almost concluded its first price discovery correction period. Granted, the corrective phase lasted longer than has historically been the case. But it didn’t change the fact that the correction was an optimal re-accumulation opportunity with a high probability of price reversal to the upside. Bitcoin is just below $100,000 right now.” In December, Rekt Capital noted that BTC’s price discovery correction phase was starting. The analyst goes on to say that, based on historical precedent, altcoin season should start in early 2025 after BTC dominance begins to falter around 71%. Currently, BTC’s dominance level, or the percentage of the total crypto market cap it takes up, is sitting at about 65%. “If history repeats, the real Altseason everybody is waiting for would begin once Bitcoin Dominance rejects from 71% (red) And right now, 71% is only ~6% away.” Source: Rekt Capital/X BTC is trading for $100,792 at time of writing, a 4.2% gain during the last 24 hours. Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Trader Says Bitcoin on Cusp of Breaking Out of Bearish Market Structure, Outlines Path to New Multi-Month High appeared first on The Daily Hodl .
