A cryptocurrency analyst and trader is offering his outlook on Bitcoin (BTC) as the flagship digital asset trades in a range.
The analyst and trader pseudonymously known as Rekt Capital tells his 108,000 YouTube subscribers that Bitcoin is in a “transitional period” that could result in a price correction preceding a rally.
According to the pseudonymous analyst, Bitcoin could first reclaim a major support level before an uptrend ensues.
“So in the short term, maybe we could still see a bit of that downside deviation. But right now, the key level to reclaim is at least $104,400. That’s the level to reclaim as a support. We held this level for six, really, almost seven full weeks in total.”
Rekt Capital says that if the $104,400 support level holds, Bitcoin could then attempt to flip the current range high and resistance level of around $109,000 into a support zone. According to the pseudonymous analyst, the new support zone, if confirmed, could act as a springboard for another leg up.
“[Reclaiming] this level [around $109,000] as a support and doing that successfully would see it actually transition into that next uptrend….
If we do break out here, and once we’ve confirmed that breakout, then multiple weeks of upside should emerge from that…
So it’s going to be really important for price to finally confirm its breakout. And once it’s done that, we’re going to have a bit of time to enjoy that upside into new all-time highs.”
Bitcoin is trading at $106,710 at time of writing.
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