A crypto analyst who accurately predicted the Bitcoin correction before the halving event this year believes that BTC is on the verge of experiencing a significant trend shift.
Using the pseudonym Rekt Capital, the analyst with a social media following of over 506,300 suggests that Bitcoin is close to entering a bullish phase after surpassing the $69,000 mark last week.
Rekt Capital asserts that this move signifies the end of Bitcoin’s bearish trend that started back in March. BTC has successfully closed above the red resistance area above the channel top (black).
Key takeaways:
– The prolonged downtrend has come to an end
– BTC has broken out of its downtrending channel
– BTC might attempt to convert this resistance into new support.
The analyst believes that Bitcoin is on the brink of transitioning into a new bull market.
“The Bitcoin retest process is currently in progress. BTC is delving deeper into the previous resistance zone (red) to establish it as the new support level (green). It could potentially reach as low as the channel top (black). A successful retest here could lead to renewed upside potential.”
Rekt Capital emphasizes that a confirmed Bitcoin bull market could potentially uplift the entire cryptocurrency market.
“Bitcoin is just one major breakout away from initiating a new Crypto Money Flow Cycle.”
As of the time of writing, Bitcoin is valued at $67,181.
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