Rekt Capital, a widely followed cryptocurrency analyst, recently highlighted a sudden improvement in Bitcoin’s (BTC) technical outlook. He indicated that Bitcoin 
$89,935 is preparing for significant upward movements, drawing attention from investors and market watchers alike.
Bitcoin’s Technical Position Improves
Through a statement made to his 500,300 followers on the social media platform X, Rekt Capital emphasized that Bitcoin has taken all the right technical steps to regain support at the lower boundary of its channel.
“Bitcoin is taking all the correct technical steps to regain the lower boundary of the channel: The weekly close occurred above the lower boundary of the channel. The lower boundary of the channel has been retested as support.” – Rekt Capital
The analyst noted that these developments signal a bullish outlook for Bitcoin. The weekly close above the channel’s lower boundary, along with its retesting as support, is regarded as a positive indicator.
Growing Dominance of Bitcoin
Rekt Capital also pointed out that Bitcoin Dominance (BTC.D) continues its upward trend. This trend implies that investors are showing greater interest in BTC compared to altcoins. For a genuine bull market for altcoins to commence, BTC’s market dominance needs to reach its peak.
“Bitcoin dominance continues to reach new heights. We haven’t seen these levels in five years.”
The analyst predicted that Bitcoin may reach its cycle peak next year. Referring to the Pi Cycle top indicator, he noted that this indicator compares price trends with moving averages.
“We are not close to a bull market peak yet; it’s not even time to discuss that. The price needs to increase slowly, which will lead to a rise in the Pi Cycle moving average. I believe that history will repeat itself, and Bitcoin will peak in September 2025.”
According to the analyst’s evaluation, Bitcoin could potentially reach $175,000 by late next year. This prediction was made based on the current market dynamics and technical indicators. As Rekt Capital has shared bullish expectations for September multiple times, we might be approaching a recovery phase in the short term.
As of the time of writing, Bitcoin is trading at $60,905, showing a more than 5% increase in the last 24 hours. These positive technical developments and the analyst’s forecasts suggest that investor interest in Bitcoin may rise. However, market fluctuations may persist, making it crucial for investors to remain cautious about short-term movements.
