Coinworld reports:
An analyst believes that Bitcoin has experienced a pullback before its halving this year and is currently consolidating its potential for a rapid trend reversal. Anonymous analyst Rekt Capital tells their 506,300 followers on social media platform 10 that Bitcoin is very close to entering a bull market after surging above $69,000 last week. According to the cryptocurrency strategist, this move marks the end of the bearish trend that Bitcoin has been experiencing since March. BTC closed the week above the red resistance zone above the top of the channel (black).
“Key takeaways:
• The months-long downtrend has come to an end.
• BTC has broken out of its downward channel.
• BTC may attempt to turn this resistance into new support.”
Source: Rekt Capital/X
The trader states that Bitcoin is just one step away from successfully transitioning into a new bull market.
“The retest of Bitcoin is underway. BTC is digging deeper into the old resistance area (red) in order to turn it into new support (green). It could go as low as the top of the channel (black). Retest here successfully -> upward again.”
Source: Rekt Capital/X
Rekt emphasizes that the confirmation of a Bitcoin bull market will be a rising tide that lifts all boats.
“Bitcoin is a historic breakout, with a long way to go before starting a new cycle of cryptocurrency capital flow.”
Source: Rekt Capital/X
At the time of writing, Bitcoin is worth $67,181.
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Generated image: Midjourney.
