An analyst who nailed the pre-halving Bitcoin correction this year believes BTC is solidifying its odds of witnessing a trend shift soon.
Pseudonymous analyst Rekt Capital tells his 506,300 followers on the social media platform X is very close to stepping into bull territory after soaring above $69,000 last week.
According to the crypto strategist, the move marks the end of Bitcoin’s bearish trend that began in March.
BTC has weekly closed above the red resistance area above the channel top (black).
“Key takeaways:
• The multi-month downtrend is over
• BTC has broken out from its downtrending channel
• BTC may try to turn this resistance into new support.”
The trader says that Bitcoin is one step away from successfully transitioning into a new bull market.
“The Bitcoin retest is very much underway now.
BTC is digging deeper and deeper into the old area of resistance (red) so as to turn it into new support (green).
Could go as low as the channel top (black).
Successful retest here -> renewed upside.”
Rekt highlights that a confirmed Bitcoin bull market would be a rising tide that lifts all boats.
“Bitcoin is one historic breakout to new all-time highs away from kickstarting a new Crypto Money Flow Cycle.”
At time of writing, Bitcoin is worth $67,181.
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Generated Image: Midjourney