A closely followed analyst who correctly called the current Bitcoin (BTC) correction says the crypto king is on the verge of witnessing an all-time high breakout.
Pseudonymous analyst Rekt Capital tells his 440,100 followers on the social media platform X that Bitcoin has kickstarted the breakout process.
According to the analyst, Bitcoin has completed the first step of the breakout process by ending the last week of March above its resistance at $69,000. Rekt Capital says the final step for BTC to seal the all-time breakout is to flip the resistance level to support.
“Weekly close above the range high (RH) is the 1st step.
And if BTC needs to dip into the RH to successfully retest it as new support before continuing higher…
That would be the 2nd step to fully confirming the breakout.”
Looking at the trader’s chart, he seems to suggest that BTC must not break below $65,596 on a weekly closing basis to achieve a successful retest.
At time of writing, Bitcoin is trading for $67,174, down more than 2% in the past day.
The analyst is also keeping a close eye on a trio of altcoins flashing strong uptrend signals including the Ethereum (ETH) rival Solana (SOL). Rekt Capital says that Solana appears to be forming a bullish continuation pattern on the weekly chart.
“Solana is showing initial signs of developing a bull flag at these highs (orange), following the successful retest of the range low as new support (blue).”
A bull flag is a technical pattern indicating that an asset is in a consolidation phase in preparation for the next upside burst. At time of writing, SOL is trading for $190.03.
Next up, the trader says top memecoin Dogecoin (DOGE) is now in a position to rally above $0.30 after taking out two high time frame resistance levels last month.
“DOGE did it.
That’s a bullish monthly candle close.”
At time of writing, DOGE is worth $0.203.
The last altcoin on the analyst’s radar is the native asset of the peer-to-peer payments network Litecoin (LTC). Rekt Capital says the multi-month downtrend is now over for LTC after the altcoin shattered its multi-month diagonal resistance that kept Litecoin bearish for about three years.
“Litecoin has monthly closed above the downtrend. It is confirmed.
The macro downtrend has been broken for the first time since April 2021. The macro downtrend is now officially over.”
At time of…
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