An analyst who weathered Bitcoin’s pre-halving correction believes that BTC and crypto are about to witness an upswing or sustained reversal.
Pseudonymous analyst Rekt Capital tells his 499,300 followers on the social media platform
The analyst thinks that sellers won’t be able to sustain the downward pressure for long, opening the doors for crypto bulls to enter the market.
“Strong market-wide sales recently. Seller exhaustion is likely in the offing.
In the short term, look for volume bars with high sales volume. These usually indicate a trough after steady selling and precede a strong rebound or a complete trend reversal.”
Taking a closer look at BTC’s chart, Rekt Capital says that a clear sign of seller exhaustion is a huge volume bar on the daily chart.
“Bitcoin’s sell-side volume had to be large enough to get into this orange box to reach the seller’s exhaustion level and in turn stimulate a price reversal to the upside.
However, at this point, sell-side volume has not yet reached seller exhaustion levels as with previous price reversals to the upside (orange box on volume).
Despite the latest price correction, Rekt Capital believes that Bitcoin is in a bull market in the long term.
“History suggests that Bitcoin has at most one year left in the current bull market.”
At the time of writing, Bitcoin is trading at $55,102.
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Generated image: DALLE3