Analyst Rekt Capital analyzes the pattern currently driving Bitcoin's growth. According to his findings, the ongoing trends suggest that Bitcoin's rally may continue.
Bitcoin's 'Breakout-Retest' Cycle
Rekt Capital describes the 'breakout-retest' as a key pattern observed in Bitcoin's price movements. The first step in this cycle is breaking through a significant resistance level, followed by consolidation and a revisit of that level, which then becomes a new area of support.
Current Market Situation
Currently, Bitcoin is trading around $118,000, maintaining its position above the previous consolidation zone. This aligns with the components of the analyzed pattern, indicating the possibility of further price growth.
Impact of Historical Pattern on Bitcoin's Future
According to Rekt Capital, the current consolidation above the $116,000 mark perfectly fits Bitcoin's historical pattern, predicting that further upward movement is likely.
Rekt Capital's analysis demonstrates that Bitcoin continues to follow the 'breakout-retest' cycle, which may signal further growth in the future. Investors are closely monitoring the developments of these trends in the market.
