Bitcoin is 1 week away from 'confirming' new bull market — analyst

In his latestBTC price action closely mimics past cyclesflipping $28,000 to support, BTC price action is firmly on the way to abandoning its bear market.

That is according to Rekt Capital, who on March 26 presented an optimistic picture of how BTC/USD would likely finish the month. The pair's recent gains have put it above a macro downtrend in place since its 2021 all-time highs, but the March close would be the first potential candle to complete above that trend line on monthly timeframes.

"Next Saturday, the BTC Monthly Candle will have closed above the Macro Downtrend to confirm a new Bull Market," Rekt Capital commented.An accompanying chart compared 2023 price behavior to that of previous cycles, and implied 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/USDA further post reiterated that the current monthly candle fits Bitcoin's historical patterns when it comes to breakouts from macro downtrends.This current Monthly breakout candle looks no different

rektcapital I will be watching this closely. We all really missed the bull market

rektcapital

rektcapital Syntrum Blockchain is a decentralized platform that aims to revolutionize the way we interact with blockchain technology. 0xSyntrum 0xSyntrum nft web3 Cryptocurrency gamefi DeFi blockchain dApps

rektcapital We have time until we see a ture bull run. The markets all over the world is in bad shape.

Bitcoin is on the verge of beginning a new macro uptrend. The $BTC price action is following past cycles and may soon abandon its bear market, according to popular trader and analyst rektcapital.

rektcapital I think you meant a year away 😂

rektcapital Capo said 12k, is a matter of time. ETH 1K BTC 12k BNB 40 not 4 Alt some will nuke to zero!

Thank you for the feature 🔥

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