Cryptocurrency analyst Rekt Capital recently discussed the potential breakout of Bitcoin from a weekly range known as Black-Black. This range was established after Bitcoin experienced an 18% correction, with candle-bodied and upside-wicking peaks in 2021 defining the range. Rekt Capital suggested that reclaiming the $69,200 Range High could signal a breakout for Bitcoin, potentially ending the pullback period.
As Bitcoin surpassed the $69,200 level, initiating a breakout activity, Rekt Capital identified the first phase as a Weekly Close above the Range High. However, further validation might be required as Bitcoin could retest the range high as new support before moving higher. This retesting process would confirm the breakout from the weekly range.
Following the recent price drop in Bitcoin, there has been speculation regarding its next movement. Starting the day at around $71,000, Bitcoin quickly fell to $69,200. Currently trading at $69,500, Bitcoin has shown a 1.29% decline in the past day. Despite this decrease, the daily trading volume has increased by over 52%, suggesting ongoing bullish sentiment among investors.
Many analysts remain optimistic about Bitcoin’s performance in April, citing historical data that shows significant growth during this month. Zia Ul Haque, the Founder of Open4Profit, highlighted the superior performance of April compared to March over the years. According to Haque, April has seen an average 14.2% price increase in Bitcoin. This optimism is further fueled by the upcoming halving event scheduled for April 20th.
The recent performance of Bitcoin has sparked discussions about a potential breakout from the weekly range. Rekt Capital’s analysis and the historical data provided by analysts like Zia Ul Haque suggest that Bitcoin could see significant growth in April, especially with the halving event on the horizon. It is important for investors to conduct their own research and consider the risks involved before making any investment decisions in the cryptocurrency market.
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