Bitcoin

Resistance

Change

Rekt

<p>According to crypto analyst Rekt Capital, breaking one critical resistance range for Bitcoin could lead to a dramatic change in its market structure and usher in a new bull run. This resistance spans from $58,000 to $69,000, and represents a level that has weighed down BTC’s price advance multiple times in 2021.</p>
<h2 class="wp-block-heading" id="resistance-flips-to-support-after-halvings">Resistance Flips to Support After Halvings</h2>
<p>As Rekt Capital explains, this resistance zone consistently repels Bitcoin’s price ascent, often leading to bear markets as BTC searches for a bottoming price. Following Bitcoin’s halving in 2020, BTC has managed to reach this price zone twice, each instance followed by a significant bullish run. The first time Bitcoin approached this zone in March 2021, it faced rejection and didn’t find a bottom until August. Then, in October 2021, when Bitcoin revisited this zone, it marked the beginning of the bear cycle.</p>
<p>In 2016 and 2020, following previous halvings, Bitcoin revisited its all-time high regions a few months after the supply shock, testing them as a new floor. On both occasions, successfully holding support in the range initiated a new bull market, culminating in fresh all-time highs.</p>
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<h2 class="wp-block-heading" id="history-poised-to-repeat">History Poised to Repeat</h2>
<p>According to Rekt Capital’s analysis, Bitcoin is likely to follow a similar pattern after its next halving in April 2024. He expects BTC to revisit the $58k-$69k zone around August 2024, approximately 4 months after the halving. If Bitcoin can flip this resistance into support once again, Rekt sees a clear path to new highs above $100k.</p>
<h2 class="wp-block-heading" id="impact-on-altcoins">Impact on Altcoins</h2>
<p>Another key implication is how reclaiming this resistance level will impact altcoins. With Bitcoin rising into uncharted territory, money tends to flow out of BTC and into large and small-cap altcoins.</p>
<p>As Rekt notes, Bitcoin flipping $58k-$69k support would “really set off money flow into altcoins” generating significant returns. This would kickstart a new “altseason” where traders pivot from Bitcoin to chase upside in the wider crypto market.</p>
<h2 class="wp-block-heading" id="plenty-of-time-left-in-bull-cycle">Plenty of Time Left in Bull Cycle</h2>
<p>Finally, Rekt Capital emphasizes there is still ample time for this scenario to play out. With the next halving not until April 2024, he estimates a fresh peak for this bull market arriving in 2025. This gives Bitcoin 7-9 months after retesting key resistance to embark on a sustained uptrend.</p>
<p>Read also:</p>
<ul>
 <li><a href="https://captainaltcoin.com/will-history-repeat-as-solana-sol-faces-tough-resistance-again/" target="_blank" rel="noopener noreferrer nofollow">Will History Repeat as Solana (SOL) Faces Tough Resistance Again?</a></li>
 <li><a href="https://captainaltcoin.com/polygon-market-cap-surges-54-in-3-weeks-as-whales-continue-to-accumulate-matic/" target="_blank" rel="noopener noreferrer nofollow">Polygon Market Cap Surges +54% in 3 Weeks as Whales Continue to Accumulate MATIC</a></li>
 <li><a href="https://captainaltcoin.com/bitcoin-etf-token-crosses-100k-with-btc-price-surge-1-day-left-in-the-presale-stage/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin ETF Token Crosses $100K With BTC Price Surge – 1 Day Left in the Presale Stage</a></li>
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<p>In conclusion, Rekt Capital views the $58k-$69k range as a crucial level that, if recaptured as support, could dramatically shift Bitcoin’s market structure. Based on past market cycles, this would pave the way for new all-time highs and an altcoin boom.</p>
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<p>The post <a href="https://captainaltcoin.com/everything-will-change-for-bitcoin-btc-when-this-key-resistance-breaks/" rel="noopener noreferrer nofollow">Everything Will Change for Bitcoin (BTC) When This Key Resistance Breaks</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Everything Will Change for Bitcoin (BTC) When This Key Resistance Breaks

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