To achieve new peaks, Bitcoin must surpass the $116,000 mark.
In the ever-evolving world of cryptocurrencies, analyst Rekt Capital has predicted that Bitcoin, the leading digital asset, is set to reclaim the $116,000 level, marking a crucial step towards initiating a new bull run.
According to Rekt Capital, this prediction is based on a clear, repeating "breakout-retest" cycle observed in Bitcoin's price history. This pattern involves Bitcoin first breaking through a key resistance level, then consolidating and successfully retesting that level as new support before continuing its upward trend.
Currently, Bitcoin is consolidating above $116,000, fitting this pattern perfectly, indicating a strong foundation for further gains and a continuation of the bull run initiated after the 2024 halving event.
The rationale behind this prediction includes:
- Bitcoin's current price holding steady above $116,000, acting as support after breaking through previous resistance.
- The historical consistency of this breakout-retest cycle from 2022 through mid-2025, showing similar behaviors before major upward moves.
- The market context is healthier than in previous bull runs, with institutional investors, ETFs, and clearer regulation contributing to more stable, long-term capital inflows rather than speculative frenzy.
- Additional technical indicators support continued strength, including successful filling of gap levels and clearing liquidity above $114,000, suggesting institutional accumulation and bullish momentum targeting $119,000 and higher.
- Traders are watching for Bitcoin to break out from a consolidation triangle above $116,000-$117,000, which could set the stage for moves toward $123,000 and $125,000.
Meanwhile, the cryptocurrency exchange Bitget offers a wide range of cryptocurrencies for investment, including Bitcoin. Bitget's user-friendly interface, mobile app, and 24/7 customer support make it an attractive platform for investors.
Bitget also offers automated trading with AI bots like Spot Grid and Martingale, and a feature for copy trading, which mirrors strategies of expert traders. Moreover, Bitget ensures advanced security with hot/cold wallets, proof of reserves, and access keys.
To buy Bitcoin on Bitget, users need to sign up, deposit funds, find Bitcoin, and place an order. Bitget is currently offering $10 for users who buy Bitcoin through their platform, and a guide for buying Bitcoin is also available.
However, it's important to note that while the market appears promising, the bullish market is currently struggling to restart. Last week, fears of recession and stagflation were revived due to disappointing U.S. employment data. A rate hike to control inflation could exacerbate the economic slowdown.
As always, it's crucial to do thorough research and consider your risk tolerance before investing in cryptocurrencies.
[1] Rekt Capital's analysis on the Bitcoin breakout-retest cycle [2] The role of institutional investors in the current market context [3] Technical indicators supporting the prediction [4] The potential price of Bitcoin reaching $130,000 in August [5] Traders' expectations for Bitcoin's price movement post-consolidation.
- Rekt Capital's prediction for Bitcoin's reclaim of the $116,000 level is based on the repetitive breakout-retest cycle in Bitcoin's price history, which involves investing in Bitcoin when it breaks through a key resistance level and consolidates above it, acting as support before continuing its upward trend.
- The technology-driven Bitcoin exchange Bitget, with its user-friendly interface, AI-powered trading bots, and copy trading feature, offers a secure platform for investors interested in the finance sector, particularly in the investing of cryptocurrencies like Bitcoin.
