Could Bitcoin Follow Its Historic Breakout Trend to Exceed $104,000?

Market values of Bitcoin (BTC) surged as high as $96,000 to signify a bullish conclusion to April and the possible onset of a price uptrend. Nevertheless, despite surpassing pivotal resistances, BTC has yet to return to the current market peak price, which would ultimately validate the revival of the bull market. Notably, crypto analyst Rekt Capital has presented a potential price forecast through which Bitcoin could achieve its bullish potential, paving the way for new price discovery.

From $93,500 To $104,500 – Key Levels To Observe In 2025

In a recent update on X, Rekt Capital offers a compelling price forecast for the BTC market following recent price increases. The market expert elucidates that Bitcoin’s price surge in late April enabled the asset to recover from its downward deviation and revert to a bullish trading range.

In the wake of this development, the leading cryptocurrency is currently encountering a significant lower high resistance at the $99,000 price zone. Intriguingly, BTC faced a comparable scenario in mid-October 2024, culminating in an 80% price increase.

As historical data are significant influences in price estimation, Rekt Capital asserts that for Bitcoin to replicate the price spike seen in Q4 2024 from this similar point, the asset will likely encounter a price rejection at $99,000, potentially driving prices down to $93,500. The analyst indicates 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 area.

Subsequently, BTC might confront another rejection at $104,500 and return to seek support around $97,000 – $99,000. After establishing an ascending price channel, Rekt Capital subsequently forecasts Bitcoin to propel a price surge from this support level, surpassing $109,000 to forge a new all-time high.

BTC Price Summary 

As of this moment, Bitcoin is trading at $96,500 following a price decrease of 0.25% in the past 24 hours. Nonetheless, 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 metrics, including the Bitcoin Bull Index Score, which is currently at 80 – the highest it has reached since January 30. Per Rekt Capital’s assessment, the immediate price resistances for the premier cryptocurrency are located at $99,000 and $104,500, with the most crucial support positioned at $93,500.

However, unless there are adverse macroeconomic developments, Bitcoin appears poised to finalize its price recovery and venture into new price territory.

Featured image from Pexels, chart from Tradingview

Editorial Procedure for bitcoinist focuses on providing well-researched, precise, and impartial content. We adhere to strict sourcing standards, and each page is subjected to thorough review by our team of leading technology professionals and experienced editors. This process guarantees the integrity, relevance, and worth of our content for our audience.