A closely followed crypto strategist known for making long-term assessments on Bitcoin (BTC) believes that the king crypto has entered bull territory.
Pseudonymous analyst Rekt tells his 341,800 Twitter followers that Bitcoin has concluded its 16-month long bear market after ending March on a high note.
According to the crypto strategist, Bitcoin has managed to close March above a diagonal resistance that has kept BTC bearish since November of 2021.
“[On April 1st], BTC confirmed its breakout beyond the macro downtrend to begin a new macro uptrend.”
Rekt also highlights that based on Bitcoin’s history, bull markets tend to emerge after BTC takes out its bear market trendline.
“BTC has broken the macro downtrend.
History has shown that when macro downtrends are broken, macro uptrends begin.”
According to Rekt, the monthly candle close in March marks a momentous occassion for the king crypto.
“BTC has performed its monthly candle close above the macro downtrend for only the third time ever.
History has been made.”
The crypto strategist also points out that Q1’s quarterly candle completely engulfed the Q4 2022 quarterly candle. In technical analysis terms, a bullish engulfing candle indicates a potential reversal in trend as it shows tremendous buying pressure.
According to Rekt, the last time Bitcoin witnessed a bullish engulfing quarterly candle was about three years ago, when BTC was trading below $10,000. Rekt’s chart shows that the bullish engulfing quarterly candle was the beginning of BTC’s ascent to a fresh all-time high of $69,000.
“BTC has officially confirmed its quarterly bullish engulfing candle.
The last time BTC formed a quarterly bullish engulfing candle was in early 2020.”
At time of writing, Bitcoin is trading for $28,363.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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