Rekt Capital: Bitcoin is preparing for a bullish breakout

A popular cryptocurrency analyst known as Rekt Capital believes that historical trends suggest that bitcoin BTC $75,643.68 Mezo Wrapped BTC -0.13% Market capitalization $0.1 billion VOL. 24 hours $0.64 billion is on the verge of a breakout. The specialist told his 501,400 followers on the X platform (formerly Twitter) that historically, the market leader broke out of the retracement range 154−161 days after halving.

Rekt Capital notes that according to standard cyclical trends after halving, bitcoin is now 44.8% of the way to the end of the current bull market. The analyst also notes that the price of bitcoin has «convincingly» exceeded the level of $ 61,900, thereby overcoming the downtrend. However, according to the crypto expert, a correction is possible, which could push the price back to $ 61,300 to confirm this breakout.

According to the analytical tracker CoinMarketCap, at the time of writing, BTC is trading at $ 63,836 with a market capitalization of $ 1.2 trillion. Traders have made daily trading deals worth $ 29.4 billion.