A widely followed crypto trader is sure that Bitcoin (BTC) will soon break its macro downtrend as the top crypto by market cap trades near $25,000.
Pseudonymous crypto analyst Rekt Capital tells their 338,100 Twitter followers to keep an eye on BTC to break the trend soon.
“BTC will break the Macro Downtrend sooner rather than later.”
The analyst continues, explaining further what exactly breaking the downtrend will mean next for the king crypto. According to the trader’s chart, BTC’s imminent trend break will spur a new “macro money flow cycle.”
“When BTC breaks the Macro Downtrend…
It will kickstart a new macro Money Flow Cycle.”
Rekt highlights a particular price point when talking about the macro downtrend resistance. The analyst seems to indicate that BTC must break through the $24,755 range to flip the script.
“BTC is just below the Macro Downtrend resistance.”
In a follow-up tweet, Rekt further explains the significance of the moment.
“BTC is below the Macro Downtrend resistance
But the way the Downtrend is constructed, breakout price point will be ~$23,400 next month
So if BTC holds these highs or even just stays above ~$23,400 heading into April…
It will register a technical breakout.”
BTC is worth $24,879 at time of writing, teetering on the edge of $25,000. BTC is up 1.46% in the last 24 hours.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
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/Lotus_studio