Rekt Capital: Bitcoin is approaching a new high

A well-known trader and cryptocurrency market analyst under the pseudonym Rekt Capital has published a new chart on the X platform. He noted that studying the current market situation and historical cycles of bitcoin BTC $64,161.98 Bitcoin -2.19% Market capitalization $1.27 trillion VOL. 24 hours $1.07 billion allows one to identify recurring patterns that can provide valuable information for future forecasts.

The chart shows that bitcoin has already experienced several significant growth cycles, followed by corrections before gaining strength again. In 2016, after crossing a downtrend, it began a steady rise, which was repeated in 2020. Now, in 2024, the BTC rate is again at the crossroads of a downtrend, which suggests a possible continuation of the bull market. The researcher emphasized that everything is now at the stage after which the rapid growth of the asset’s value traditionally began.

«If the current patterns remain unchanged, we can expect a further jump in the BTC rate. According to the chart, the current value of the bitcoin price is $ 66,758, and, given the historical data, it is possible to grow to new highs. However, one should not forget about the high volatility of the cryptocurrency market and conduct further analysis taking into account all external factors affecting the quotes,» the crypto expert said.

The trader also noted that the market continues to grow despite short-term corrections. The total capitalization of cryptocurrencies is increasing, which indicates the continued interest of investors in digital assets.