According to crypto strategists, Bitcoin is one final step away from completing its all-time high breakout
A closely watched analyst who correctly called the current Bitcoin (BTC) correction says the crypto king is on the verge of witnessing an all-time high breakout.
Pseudonymous analyst Rekt Capital tells his 440,100 followers on the social media platform X that Bitcoin has started the breakout process.
According to the analyst, Bitcoin has completed the first step of the breakout process by ending the last week of March above its resistance level of $69,000. According to Rekt Capital, the final step for BTC to secure the all-time breakout is to convert the resistance level into a support level.
“The weekly close above the range high (RH) is the first step.
And if BTC needs to dip into the RH to successfully retest it as new support before continuing higher…
This would be the second step in fully confirming the outbreak.”
Source: Rekt Capital/X
Looking at the trader's chart, he seems to be indicating that BTC must not fall below $65,596 on a weekly closing basis to achieve a successful retest.
At the time of writing, Bitcoin is trading at $67,174, down more than 2% in the past day.
The analyst is also keeping an eye on a trio of altcoins that are sending strong bullish signals, including Ethereum (ETH) rival Solana (SOL). According to Rekt Capital, Solana appears to be forming a bullish continuation pattern on the weekly chart.
“Solana is showing early signs of bull flag development at these highs (orange) after successfully retesting the range low as new support (blue).”
Source: Rekt Capital/X
A bull flag is a technical pattern that indicates that an asset is in a phase of consolidation as it prepares for the next uptrend. At the time of writing, SOL is trading for $190.03.
Next, the trader says top memecoin Dogecoin (DOGE) is now poised to rise above $0.30 after breaking two high timeframe resistance levels last month.
“DOGE did it.
This is a bullish monthly candle close.”
Source: Rekt Capital/X
At the time of writing, DOGE is worth $0.203.
The last altcoin on the analyst's radar is the native asset of the peer-to-peer payment network Litecoin (LTC). According to Rekt Capital, the multi-month downtrend for LTC is now over after the altcoin broke its multi-month diagonal resistance that has kept Litecoin bearish for about three years.
“Litecoin has closed above the downtrend every month. It has been confirmed.
The macroeconomic downtrend has been broken for the first time since April 2021. The macroeconomic downtrend is now officially over.”
Source: Rekt Capital/X
At the time of writing, LTC is trading at $98.18.
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