Here’s What Bitcoin Needs To Do To Confirm Bullish Breakout, According to Trader Who Nailed 2024 BTC Correction

An expert in cryptocurrency analysis, who accurately predicted Bitcoin’s pre-halving correction last year, suggests that BTC needs to reclaim a crucial technical indicator to regain its bullish momentum.

The crypto strategist, known as Rekt Capital, shared on X that Bitcoin seems to be following a similar price pattern from 2021, where it consolidated between two key exponential moving averages (EMAs) on the weekly chart.

Rekt Capital emphasizes that Bitcoin must convert the 21-week EMA into a support level to trigger a return to bullish price movement.

“Earlier this week, Bitcoin faced resistance at the 21-week EMA (green).

As a result, Bitcoin is currently consolidating between these two Bull Market EMAs, similar to its behavior in mid-2021.

However, the key confirmation signal for a breakout will be a weekly close above the green EMA, followed by a successful retest of it as a new support level (light blue circle).”

Currently, Bitcoin is being traded at $82,536.

Regarding the altcoin market, Rekt Capital predicts that altcoins will continue to underperform Bitcoin based on the BTC dominance (BTC.D) chart, which tracks Bitcoin’s share of the total cryptocurrency market cap.

According to Rekt, BTC.D could encounter a significant resistance level that has held strong since 2017, before experiencing a decline. Once this occurs, Rekt anticipates the start of a true altcoin season.

“BTC Dominance.

If history repeats itself, the awaited Altseason will kick off once Bitcoin Dominance retreats from 71% (red).”