Popular crypto analyst Rekt Capital says that Bitcoin (BTC) is about to make history with a key breakout to the upside.
Rekt tells his 341,000 Twitter followers that BTC is entering April above a key macro downward resistance, a trendline that has kept Bitcoin bearish since it hit its all-time high in November 2022.
[adinserter block="1"]“Tomorrow, the BTC monthly candle will have closed above the macro downtrend to confirm a new bull market
BTC is on the very cusp of making history.”
Rekt also says that BTC broke out exactly 396 days before the Bitcoin halving, which is slated for April of next year. The halving is when the amount of newly issued BTC is cut in half.
He adds that in 2019, Bitcoin also broke out exactly 396 days before the halving of 2020.
Says Rekt,
“BTC tends to break its Macro Downtrend around a year before its upcoming Halving
This time is no different”
The popular analyst says that another factor that favors Bitcoin is the fact that a quarterly bullish engulfing candle just closed for BTC. A bullish engulfing candle is when a green candle completely overlaps a previous red candle on both the opening and the closing prices.
“BTC is on the cusp of confirming its first quarterly bullish engulfing candle since early 2020
Historically, quarterly bullish engulfing candles have preceded multiple quarters of upside.”
At time of writing, Bitcoin is trading for $28,409.
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