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March 27, 2023

Top Analyst Says Bitcoin in the Calm Before the Storm, Predicts Big Breakout Through Long-Term Resistance

By Daily Hodl Staff

A closely followed crypto analyst says major technical signals are pointing towards a big breakout for Bitcoin (BTC).

Pseudonymous analyst Rekt tells his 340,000 Twitter followers that BTC’s monthly candle has broken through a major resistance.

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According to Rekt, Bitcoin’s recent breakout looks similar to other moves in the past that historically preceded longer-term rallies.

Notice how BTC macro downtrend breakout candles have historically had upside wicks form (yellow circles).

This current monthly breakout candle looks no different.”

Source: Rekt Capital/Twitter

The popular analyst says the current monthly candle suggests that Bitcoin is in position to confirm a new bull market by the end of March. Rekt also says that based on BTC’s current market structure, it’s likely the “calm before the storm” for Bitcoin.

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“[This coming] Saturday, the BTC monthly candle will have closed above the macro downtrend to confirm a new bull market…

Only a few days left and BTC is still well in the clear to perform a bullish break of the macro downtrend and monthly close above the key resistance.

Short-term, some dipping in price could occur but mid- to long-term, BTC is setting up for a new macro uptrend.”

According to Rekt, Bitcoin is forming an inverse head and shoulders, a price pattern that traditionally suggests a slow trend reversal to the upside.

“BTC inverse head and shoulders played out exceptionally well.

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BTC rallied +40% since perfectly tagging the ~$20,000 to form the right shoulder.”

Source: Rekt Capital/Twitter

At time of writing, BTC is trading for $27,764.

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