An analyst who weathered Bitcoin’s pre-halving correction this year believes BTC is solidifying its chances of a soon trend shift.
Pseudonymous analyst Rekt Capital tells his 506,300 followers on social media platform X very close to entering bull territory after surging above $69,000 last week.
According to the crypto strategist, this move marks the end of Bitcoin’s bearish trend that started in March.
BTC has closed weekly above the red resistance area above the channel top (black).
“Key insights:
• The multi-month downward trend is over
• BTC has exited its downtrend channel
• BTC can try to convert this resistance into new support.”
The trader says Bitcoin is just one step away from successfully transitioning into a new bull market.
“Bitcoin’s retest is now in full swing.
BTC is digging deeper into the old area of resistance (red) to turn it into new support (green).
Can go as low as the top of the channel (black).
Successful retest here -> renewed benefit.”
Rekt emphasizes that a confirmed Bitcoin bull market would be a rising tide that lifts all boats.
“Bitcoin is a historic breakout to new all-time highs, away from sparking a new Crypto Money Flow Cycle.”
At the time of writing, Bitcoin is worth $67,181.
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Generated image: Midjourney