The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Bitcoin Repeating 2019 Breakout? Crypto Analyst Looks at BTC After Big Bounce From Lows

by Daily Hodl Staff
January 23, 2023
in Bitcoin, Trading

A widely followed crypto analyst says that Bitcoin (BTC) could be brewing a repeat of its 2019 breakout after forming a similar pattern over the last few weeks.

In a new strategy session, pseudonymous crypto trader Rekt Capital tells his 45,000 YouTube subscribers that the king crypto’s current market structure looks very much like it did in 2019 before BTC sparked a big rally to the upside.

“Let’s start off with [the 2019 market structure] being very similar to [the 2023 market structure]. I mean, it’s very small [now] compared to [the past], but nonetheless, higher lows and an ascending triangle for multiple weeks and then a breakout…

So are these comparable? Market structure-wise and time-wise, they are comparable, and they are comparable also in the breakout rally that we saw get generated from that ascending triangle, 27% and 21%.”

Source: Rekt/YouTube

The strategist goes on to tell his 333,700 Twitter followers that even though Bitcoin’s current surge may look like a FOMO [fear of missing out] rally, he says that the real macro FOMO hasn’t begun.

“The BTC monthly candle is up around +38% right now. In the short term, people are FOMOing into BTC.

But in the grander scheme of the new cycle, this is hardly FOMO Macro .

FOMO will begin from $69,000 on the way to new all-time highs.”

The trader cautions investors that in the short term, BTC may not be ready to blast back into a new bull market just yet. He says Bitcoin faces big resistance around the 200 week moving average (MA) and could end up faking out BTC bulls before dipping again.

“It’s worth noting that a fakeout scenario here could occur for BTC as the 200-week MA is hovering just above ~$23,400.

And so, 200-MA may act as resistance in the short-term.

Generally, BTC needs to reclaim the 200MA as support for further bullish momentum.”

Source: Rekt Capital/Twitter

Bitcoin is changing hands for $22,770 a time of writing.

I

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Iggy Nyx

Submit a Press Release

Industry Announcements

  • Binance Launches Free Tax Tool To Provide Tax Details for Crypto Transactions in First Step of Global Launch
    February 6, 2023
  • BlockJoy Secures Nearly $11 Million From Gradient Ventures, Draper Dragon, Active Capital and More To Launch Decentralized Blockchain Operations
    February 2, 2023
  • Peer Acquires Elite Team of Engineers Behind Zenly’s Popular 3D Maps
    February 1, 2023
  • Sign Up Today for the TRON Grand Hackathon aka HackaTRON Season Four
    February 1, 2023
  • MegaWorld Land Gameplay on BNB Chain Starts February 15, 2023
    February 1, 2023
  • Web 3.0 Hackathon on Astar Sponsored by Toyota Motor Corporation
    February 1, 2023
  • Match-Trader White Label by B2Broker Gives Brokers a Comprehensive Online Trading Platform With B2Core Integration
    February 1, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$23,000.16
$23,000.16
0.54%
Ethereum
$1,638.08
$1,638.08
0.41%
Cardano
$0.387741
$0.387741
0.84%
XRP
$0.396926
$0.396926
0.56%
Dogecoin
$0.091103
$0.091103
0.75%

Spotlight

  • Celsius Was Using Customer Deposits To Fund Withdrawals, According to Bankruptcy Examiner
    January 31, 2023
  • Crypto Strategist Who Accurately Predicted 2023 Bitcoin Bottom Updates Forecast on BTC, Ethereum and Litecoin
    February 3, 2023
  • Bitcoin Could Be About To Do the ‘Unthinkable’ Amid Major Trend Shift, According to Top Analyst – Here’s What He Means
    February 6, 2023
  • ARK Invest’s Cathie Wood Details Massive 2,000% Bitcoin Rally Prediction After Crypto Market Bounce
    February 1, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl