Bitcoin Bull Market: When Will Bitcoin Reach New Milestones?

Cryptocurrency analyst Rekt Capital recently discussed the potential for Bitcoin to reach historic new highs in a video analysis. By examining historical trends, Rekt Capital identified certain patterns that have repeatedly emerged over time, providing detailed insights into the future trajectory of Bitcoin’s price.

The analysis focuses on the 8° angle trend line, which has historically played a crucial role in rejecting or supporting Bitcoin’s price around halving events. Rekt Capital noted that in previous instances, such as in 2016 and 2019, this trend line acted as a significant resistance but eventually turned into support post-halving.

In the current market cycle, Bitcoin revisited this trend line for the first time, reaching around $45,000. A key question posed by Rekt Capital is whether Bitcoin will experience a rejection similar to 2016, leading to a brief correction, or if it will break through the trend line, potentially reaching new highs above $45,000.

The analysis suggests that historically, post-halving, Bitcoin tends to rebound and reclaim the trend line as new support, leading to a rally to new historic highs. Following this pattern, Rekt Capital predicts that approximately 215 days after the halving event (expected in April 2024), Bitcoin could reach new historic highs.

Rekt Capital anticipates a bullish scenario for the 4th candle of 2024, driven by the halving event and the launch of ETFs, potentially making this cycle more explosive than previous ones.

While acknowledging the possibility of short-term volatility, including pullbacks before the halving, the overall analysis remains optimistic. Bitcoin could potentially break through $46,000 and reach new highs by November 2024.

Concluding the analysis, Rekt Capital suggests that 2024 could mark the peak of the bull market, with Bitcoin possibly breaking through $100,000 and entering a price discovery phase.

Sentiment: Hopeful