History Repeats Itself: Could Bitcoin Break Through $104,000 in a Classic Breakout Pattern?
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Bitcoin (BTC) market prices surged to $96,000, signaling a bullish conclusion to April and the potential initiation of a price uptrend. Nevertheless, despite overcoming key resistance levels, BTC has not yet returned to its previous market peak, which would definitively confirm the bull market’s resurgence.
Interestingly, crypto analyst Rekt Capital has outlined a possible price trajectory that could enable Bitcoin to harness its bullish potential, leading to new price discovery.
From $93,500 To $104,500 – Key Levels To Monitor In 2025
In a recent post on X, Rekt Capital provides an intriguing price forecast for the BTC market following the recent price uptick. The market analyst notes that Bitcoin’s price rally in late April allowed the asset to recover from its downward deviation and return to a bullish trading range.
Subsequently, the leading cryptocurrency is now encountering a significant lower high resistance in the $99,000 price zone. Notably, BTC faced a similar scenario in mid-October 2024, which led to an 80% price rally.
Historical data plays a significant role in price forecasting, and Rekt Capital suggests that for Bitcoin to replicate the price surge observed in Q4 2024 from this similar position, the asset may experience a price rejection at $99,000, which could drive prices down to approximately $93,500. The analyst asserts that Bitcoin bulls must maintain price movement at this support level prior to initiating another price rally to break through the $97,000 – $99,000 range.
Following this, BTC could likely encounter a further rejection at $104,500 and return to find support around $97,000 – $99,000. After establishing an ascending price channel, Rekt Capital anticipates Bitcoin to trigger a price surge from this support level, progressing beyond $109,000 to achieve a new all-time high.
BTC Price Overview
At present, Bitcoin is trading at $96,500 after a 0.25% price decline over the last 24 hours. Nevertheless, Bitcoin has now entered a comfortable bullish phase with gains of 1.84% and 15.55% over the last seven and thirty days, respectively.
This development is corroborated by other indicators, including the Bitcoin Bull Index Score, which has reached 80 – the highest since January 30. According to Rekt Capital’s analysis, immediate price resistances for the leading cryptocurrency are at $99,000 and $104,500, with crucial support positioned at $93,500.
Assuming no adverse macroeconomic developments arise, Bitcoin appears set to finalize its price recovery and transition into new price territory.
BTC trading at $96,500.91 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image from Pexels, chart from Tradingview
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