Bitcoin is still days away from starting a new macro uptrend, according to the latest analysis.
exist tweet Recently, popular trader and analyst Rekt Capital marked an important monthly close for BTC.
price action bitcoin similar to past cycles
According to Rekt Capital, BTC’s price action is coming out of a bear market despite facing a sell-off at $28,000.
On March 26, he offered an optimistic view on how BTC might end the month.
The pair’s recent upside move has taken it above a macro descending trendline from the 2021 all-time high (ATH), but a March close would be the first potential candle above this trendline on the monthly time frame .
“Next Saturday, BTC’s monthly candlestick will close above the macro downtrend line to confirm a new bull market,” Rekt Capital commented.
The accompanying chart compares price action in 2023 to previous cycles and suggests that Bitcoin is currently breaking out towards a new ATH after establishing a bear market bottom.
If so, the cycle bottom comes in November 2022, right after the FTX crash, when BTC hit $15,600.
Source: Rekt Capital
The next post reiterates that the current monthly candle is in line with Bitcoin’s historical pattern in terms of a macro descending trendline breakout.
Didn’t flip over $28,000 by week’s close
Meanwhile, spot price action continues to keep market participants guessing into the weekend.
Most trading action was little changed, with the break above $28,000 being the first notable event of the past few days. However, at the time of writing, BTC has returned below that level.
BTC 4-hour candlestick chart | Source: TradingView
Popular analyst account Skew believes that exchange behavior is typical of the weekend and that overall lower liquidity may make spot prices more volatile.
When analyzing potential scenarios, trader Crypto Chase highlighted $28,600 as a breakout level. During the move higher, $33,000 is seen as the point where a “major reversal” will occur.
source: cryptocurrency chase
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As reported by Cointelegraph