Top Crypto Strategist Predicts Major Bitcoin Trend Shift, Says BTC History Has Been Made
A closely followed crypto strategist known for making long-term assessments on Bitcoin (BTC) believes that the king crypto has entered bull territory.
Pseudonymous analyst Rekt tells his 341,800 Twitter followers that Bitcoin has ended its 16-month bear market after ending March on a high note.
According to the crypto strategist, Bitcoin managed to close March above a diagonal resistance that has kept BTC bearish since November 2021.
“[On April 1st]BTC confirmed the breakout beyond the macro downtrend to start a new macro uptrend.”
Right too highlights that based on Bitcoin’s history, bull markets tend to emerge after BTC takes out its bear market trend line.
“BTC has broken the macro downtrend.
History has shown that when macro downtrends break, macro uptrends begin.”
According to Rekt, the monthly light closes in March brands a significant occasion for the royal crypt.
“BTC has executed its monthly candle above the macro downtrend for only the third time ever.
History is made.”
The crypto strategist also points out that Q1’s quarter candle completely engulfed Q4 2022 quarter candle. In terms of technical analysis, a bullish engulfing candle indicates a potential trend reversal as it shows tremendous buying pressure.
According to Rekt, the last time Bitcoin saw a bullish engulfing quarterly candle was about three years ago, when BTC was trading below $10,000. Rekt’s chart shows that the bullish engulfing quarterly candle was the beginning of BTC’s ascent to a new all-time high of $69,000.
“BTC has officially confirmed its quarterly bullish engulfing light.
The last time BTC formed a quarterly bullish engulfing candle was in early 2020.”
At the time of writing, Bitcoin is trading at $28,363.
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