Bitcoin is 1 week away from ‘confirming’ new bull market – analyst
Bitcoin (BTC) has a matter of days to go before a new macro uptrend begins, says the latest analysis.
In his last Twitter activitypopular trader and analyst Rekt Capital flagged an important monthly close in preparation for BTC/USD.
BTC price action mimics previous cycles
Despite struggling to turn $28,000 into support, BTC price action is well on its way to exiting the bear market.
That’s according to Rekt Capital, which on March 26 presented an optimistic picture of how BTC/USD is likely to end the month.
The pair’s recent rally has put it above a macro downtrend in place since the 2021 all-time highs, but the March close will be the first potential candle to complete above this trendline on monthly timeframes.
“Next Saturday, the BTC Monthly Candle will have closed above the Macro Downtrend to confirm another Bull Market,” commented Rekt Capital.
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An accompanying chart compared the 2023 price behavior to previous cycles, suggesting that Bitcoin is now breaking out towards new all-time highs after setting a bear market low.
Should that be the case, the cycle low would have occurred in November 2022, just after the FTX debacle, when BTC/USD reached $15,600.
A further post reiterated that the current monthly candle fits Bitcoin’s historical patterns when it comes to macro downtrend breakouts.
No one turns over $28,000 when the weekly closes
Bitcoin spot price action, meanwhile, continues to keep market participants guessing as the weekend draws to a close.
Related: Bitcoin bulls remain bullish, but macro and crypto-specific obstacles have BTC pinned below $30K
Mostly flat trading behavior hasn’t seen much of a change, with a push above $28,000 the first notable event in days. At the time of writing, however, BTC/USD was back below that level, as shown by data from Cointelegraph Markets Pro and TradingView.
Popular analysis account Skew argued that stock market behavior was characteristic of weekends, with generally lower liquidity apt to move the spot price more easily.
Analyzing potential scenarios, trader Crypto Chase highlighted $28,600 as the breaker level, while to the upside $33,000 was tipped as the point where a “major reversal” would take place.
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