Market prices of Bitcoin (BTC) rebounded as high as $96,000 to mark a bullish end to April and the potential start to a price uptrend. However, despite breaking key resistances, BTC is yet to return to the present market peak price, which would ultimately confirm the resumption of the bull market. Interestingly, crypto analyst Rekt Capital has shared a potential price trajectory through which Bitcoin could realize its bullish potential, leading to new price discovery.
Following this development, the premier cryptocurrency is now facing a black lower high resistance at the $99,000 price region. Interestingly, BTC experienced a similar situation in mid-October 2024, resulting in an 80% price rally.
As historical data are strong factors in price prediction, Rekt Capital states that for Bitcoin to repeat the price surge seen in Q4 2024 from this similar position, the asset will experience a price rejection at $99,000, which is expected to force prices as low as $93,500. The analyst explains that Bitcoin bulls must hold price movement at this support level before launching another price rally to break through the $97,000 – $99,000 region.
Thereafter, BTC could likely face another rejection at $104,500 and return to find support around $97,000 – $99,000. After forming an ascending price channel, Rekt Capital then predicts Bitcoin to launch a price surge from this support level, moving past $109,000 to establish a new all-time high.
At the time of writing, Bitcoin trades at $96,500 following a price loss of 0.25% in the last 24 hours. However, Bitcoin has now entered comfortable bullish territory with gains of 1.84% and 15.55% in the last seven and thirty days, respectively.
However, barring any negative macroeconomic developments, Bitcoin looks poised to complete its price recovery and launch into new price territory.
