Rekt Capital, a widely followed cryptocurrency analyst, has said that Bitcoin $58,845The analyst noted that the technical outlook for (BTC) has suddenly turned bullish. He said that BTC is preparing for larger upward movements.
Bitcoin Technical Outlook Improves
Speaking to his 500,300 followers on social media platform X, Rekt Capital stated that Bitcoin is taking all the right technical steps to regain the lower boundary of the channel as support.
“Bitcoin is taking all the right technical steps to regain the lower channel boundary as support: Weekly close above the lower channel boundary. The lower channel boundary has been retested as support.” – Rekt Capital
The analyst noted that these developments indicate a rise in Bitcoin. A weekly close above the lower limit of the channel and a test of this level as support are considered a positive signal.
Bitcoin Dominance Grows
Rekt Capital noted that Bitcoin Dominance (BTC.D) is also continuing its uptrend. This suggests that investors are showing greater interest in BTC than altcoins. For a real bullish period for altcoins, BTC market dominance needs to reach its peak.
“Bitcoin dominance continues to make new highs. We haven’t seen these levels in five years.”
Bitcoin’s Cycle Peak Could Be Next Year
The analyst said that Bitcoin will reach its cycle peak in a year. He referred to the Pi Cycle top indicator, noting that this indicator compares price trends with moving averages.
“We are not yet close to a bull market peak, and it is not even time to talk about it. The price needs to slowly rise, which will lead to a rise in the Pi Cycle moving average. For now, I think history will repeat itself and Bitcoin will peak in September 2025.”
Considering the analyst’s assessment, Bitcoin is expected to reach $175,000 by the end of next year. This prediction was made in light of current market dynamics and technical indicators. Since Rekt Capital has shared its bullish expectations for September many times (towards the end of the month), we may be approaching a recovery period in the short term.
Bitcoin is trading at $60,905 at the time of writing, up more than 5% in the last 24 hours. These positive technical developments and analyst forecasts suggest that investors’ interest in Bitcoin may be increasing. However, market volatility may continue and it is important for investors to be cautious of short-term movements.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
