Analyst predicts significant growth of bitcoin in 2024

A well-known analyst who predicted the current bitcoin correction said that BTC $74,668.25 Bitcoin 0.38% Market capitalization $1.48 trillion VOL. 24 hours $3.49 billion is on the verge of a breakout to an all-time high.

As Rekt Capital reported to its 440,100 followers on the social media platform X, bitcoin has begun the process of breakout. According to the analyst, BTC completed the first stage of the breakout process, ending the last week of March above its resistance at $ 69,000.

Rekt Capital believes that the last step for BTC to consolidate its historic breakout is to turn the resistance level into a support level. «A weekly close above the range high (RH) is the 1st step. And if BTC has to dip into the RH to successfully test it as support before continuing to rise… This will be the 2nd step to full confirmation of the breakout,» the expert emphasized.

The trader suggested that BTC should not break below $ 65,596 based on the weekly close to achieve a successful retest.

The analyst is also keeping a close eye on three altcoins that are sending strong signals of an uptrend, including Ethereum’s (ETH) competitor Solana (SOL). Rekt Capital says that Solana is forming a bullish pattern on the weekly chart.

As a reminder, yesterday the value of the flagship cryptocurrency fell to $ 66,013 per day. The outflow of funds from bitcoin exchange-traded funds has again become one of the main bearish factors. on April 1, Grayscale’s GBTC recorded another outflow of $ 302 million. According to James Seyffarth, a leading ETF analyst, this amount is «higher than expected.»