Does Bitcoin Repeat Classic Breakout Pattern To Surge Above $110K?

Bitcoin (BTC) prices rose to $96,000 to conclude April on a positive note and maybe start an upswing. BTC has broken critical resistances, but it has yet to return to the market high price, which would signal the bull market's comeback. Rekt Capital, a crypto analyst, suggested a price trajectory for Bitcoin to reach its bullish potential and uncover new prices.

With this scenario, the top cryptocurrency faces black lower high barrier at $99,000. BTC rallied 80% in mid-October 2024 under identical conditions.

Due to historical data, Rekt Capital predicts that Bitcoin will reject $99,000 and fall to $93,500 to repeat the Q4 2024 price rise from this comparable position. The expert says Bitcoin bulls must maintain price at this support level before rallying to $97,000–$99,000.

BTC may be rejected again around $104,500 and find support around $97,000–$99,000. Rekt Capital expects Bitcoin to climb beyond $109,000 to set a new record after creating an ascending price channel.

Bitcoin is now trading at $96,500 after a 0.25% drop in 24 hours. Bitcoin is presently bullish after gaining 1.84% and 15.55% in the previous week and month.

Other metrics, such as the Bitcoin Bull Index Score, which is 80, the highest since January 30, support this scenario. Rekt Capital estimates that the top cryptocurrency's immediate price resistances are $99,000 and $104,500, with $93,500 being the most important support.

Bitcoin is expected to finish its price recovery and enter new territory until macroeconomic conditions change.

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