Analysts who nailed Bitcoin’s pre-halving correction this year believe it is solidifying that BTC is likely to witness a trend reversal soon.
Pseudonymous analyst Recto Capital told his 506,300 followers on the social media platform that X was very close to bullish territory after surging past $69,000 last week. Ta.
According to the crypto strategist, this move signals the end of a bearish trend in Bitcoin that started in March.
BTC ended the week above the red resistance area above the channel top (black).
“Key points:
• Multi-month downward trend is over.
• BTC breaks out of the downtrend channel
• BTC may try to turn this resistance into new support. ”
The trader says Bitcoin is on the verge of entering a new bull market.
“Bitcoin retesting is currently very much in progress.
BTC is digging deeper and deeper to turn old resistance areas (red) into new support (green).
It may go down to the top of the channel (black).
Successful retest here -> rise again. ”
Recto emphasizes that if a Bitcoin bull market is confirmed, it will be a rising tide that lifts all boats.
“Bitcoin is in one of the historic breakouts, hitting new all-time highs off the start of a new crypto money flow cycle.”
As of this writing, Bitcoin is worth $67,181.
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