"It seems that BTC is busy making horizontal movements, when the price is about to explode."
Following the cryptocurrency king Bitcoin (BTC) reaching back above the $27,000 mark, popular analyst Rekt Capital predicts a massive price spike in the near future.
But investors should be reminded that the price of BTC needs to break through its strong resistance zone at $27,600 first if it wants to continue the rise, commented the analyst again, adding that the situation could also happen the other way around.
While it is still uncertain whether altcoins will see a bullish move or not, Rekt Capital said altcoins often follow BTC's momentum, so it remains a key marker for other digital assets.
It is well known that the price of BTC for the past few weeks has been under selling pressure when the United States (US) government fears that its country will face default has caused investors to avoid investing in risky assets.
In fact, investors are also worried that the crypto market may be affected after US President Joe Biden revealed that his debt agreement will not protect digital asset traders at all.
In addition to advising crypto traders to get more clarity to plan their investments in the long term, Rekt Capital sees the price of BTC for now hovering in the $25,000 support zone or the $27,600 resistance zone before climbing further.
As of this writing, the price of BTC has jumped by 0.32% to $27,165 in the last 24 hours with a market cap of $526 billion and is up 0.15% over the last week.
