Crypto analyst Rekt Capital recently discussed the possibility of Bitcoin reaching new all-time highs in a video. Rekt Capital examined historical trends, pointing out certain trends that repeat themselves over time and providing details about the future of Bitcoin price.
The analysis focused on the 8° angled trend line, which has historically played a significant role in rejecting prices before and after Bitcoin halvings. Rekt Capital pointed to previous instances, such as in 2016 and 2019, where the trend line acted as a significant resistance level before ultimately reclaiming support after the halving.
In the current market cycle, Bitcoin has revisited this trend line for the first time, reaching around $45,000. The key question posed by Rekt Capital is whether Bitcoin will experience a rejection similar to 2016, leading to a temporary correction, or whether it will break the trend line and reach new highs, potentially above $45,000.
Our analysis shows that historically Bitcoin has tended to recover to trend lines and new support levels after halvings, reaching new all-time highs. Based on these patterns, Rekt Capital estimates that Bitcoin could hit a new all-time high approximately 215 days after the halving event, expected in April 2024.
Rekt Capital predicts a bullish scenario for Candle 4 in 2024, where a combination of halving events and ETF introductions could make this cycle more explosive than previous cycles.
While we talk about the potential for near-term volatility, including a pre-halving retracement, the overall analysis remains optimistic with Bitcoin likely to hit new highs above $46,000 by November 2024.
Rekt Capital concluded its analysis by suggesting that 2024 could be the peak of the bull market, with Bitcoin potentially exceeding $100,000 and entering a price discovery phase.