Popular cryptocurrency analyst and enthusiast, Rekt Capital, recently discussed the breakout process of Bitcoin (BTC) from a weekly range. He pointed out that Bitcoin has been stuck within a weekly range named Black-Black, ever since it faced an 18% correction. This range was formed by the candle-bodied peak and the upside-wicking peak from 2021. Rekt Capital suggested that reclaiming the $69,200 Range High could signify the beginning of a breakout for Bitcoin and mark the end of the pullback period.
BTC has indeed surpassed the $69,200 level, triggering a breakout activity as predicted by Rekt Capital. The initial phase in this breakout process is a Weekly Close above the Range High. However, for Bitcoin to move higher, it may need to retest the range high to establish it as new support, marking the second phase of the breakout process. Despite these positive developments, there has been a recent drop in the price of Bitcoin, leading to speculations about its next movement. Bitcoin started the day at around $71,000 and later dropped to $69,200, currently trading at $69,500 with a 1.29% decline in the past day.
Despite the price retracement, investors remain optimistic about Bitcoin, especially with the upcoming halving event. Analysts believe that Bitcoin could perform well in April, considering its historical performance during this month. Zia Ul Haque, the Founder of Open4Profit, highlighted the superior performance of April compared to March over the years, with an average price increase of 14.2%. Haque expects even better performance this time due to the impending Bitcoin halving event scheduled for the end of April.
The breakout process of Bitcoin from the weekly range seems to be underway, according to Rekt Capital’s analysis. While there was a recent price drop, investors remain bullish on Bitcoin, especially with the halving event on the horizon. April has historically been a strong month for Bitcoin, and analysts anticipate robust performance this time around. It is crucial for investors to conduct their own research and make informed decisions when investing in cryptocurrencies, as the market carries inherent risks.