In recent analysis, RektCapital emphasized the importance of the resistance range of Bitcoin between $58000 and $69000. The historical pattern suggests that breaking through this resistance level may mark a critical moment, transforming it into a support level and paving the way for new historical highs
In recent analysis, RektCapital emphasized the importance of the resistance range of Bitcoin between $58000 and $69000. The historical pattern suggests that breaking through this resistance level may mark a critical moment, transforming it into a support level and paving the way for new historical highs.
He discussed the impact of the Bitcoin halving incident on this boycott behavior. Historical data shows that as Bitcoin approaches and experiences a halving event, resistance areas often transform into new support levels. This analysis explores the time range after halving, providing insights into when we can successfully retest the current resistance.
Two scenarios were proposed: a shorter time frame of approximately 120 days after halving (possibly in August 2024) for retesting; The longer time frame reflects historical trends, which suggest that retesting may take approximately 240 days (possibly in December 2024). In short, Bitcoin's breakthrough through the resistance level of 58k to 69k may mark a stage of transformation, thus setting a new historical high.
Analyst Ali Martinez pointed out that Bitcoin is about to reach $40000, which has sparked excitement.
He wrote on X, 'Although I won't touch my BTC spot position until some time in 2025, I tend to be short in the futures market. Do you want to know why? Well, as # BTC approaches the important resistance zone between $38500 and $42000, the TD series shows a sell signal on the weekly chart.'
Martinez predicts that this resistance zone may trigger a correction downturn, potentially causing the value of Bitcoin to drop to $33000. This plan includes taking advantage of market adjustments and strategically buying on dips before the expected upward trend resumes. The effectiveness of this method depends on the condition that the closing price of the weekly candle is below $42500.
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