A pseudonymous crypto analyst said Bitcoin BTC/USD is poised to start a new macro uptrend within a matter of days.
What Happened: In his latest tweet, "Rekt Capital" told his 340,000 followers that next Saturday, on April 1, BTC monthly candle will close above the macro downtrend to confirm a new bull market.
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Next Saturday, the #BTC Monthly Candle will have closed above the Macro Downtrend to confirm a new Bull Market$BTC #Crypto #Bitcoin pic.twitter.com/ZtMn0iS61u
— Rekt Capital (@rektcapital) March 25, 2023
An accompanying chart compared 2023 Bitcoin price behavior to that of previous cryptocurrency cycles and suggested that Bitcoin is poised to break out to new all-time highs following the bear market of recent years. The chart highlights how Bitcoin has consistently increased in value and is now ready to overcome its previous all-time highs.
Rekt Capital, on Sunday, warned that if the struggle of Bitcoin to break the $28,700 resistance level continues, then a healthy dip could be necessary to generate fresh buyer interest at lower price points.
Technicals are showing some short-term weakness & it could be that a catalyst will soon appear to play that weakness out,” the analyst added.
Price Action: BTC was trading at $27,801, up 1.08% in the last 24 hours, according to Benzinga Pro.
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