Bitcoin (BTC) has a matter of days to go before starting a new macro uptrend, according to the latest analysis.
in his last Twitter activitypopular trader and analyst Rekt Capital signaled a key monthly close in the offing for the BTC/USD pair.
BTC Price Action Closely Mimics Past Cycles
Despite facing trouble turning the $28,000 level into support, BTC price action is firmly on track to exit its bear market.
That’s according to Rekt Capital, which on March 26 presented an optimistic picture of how the BTC/USD pair would likely end the month.
The pair’s recent gains have put it above a downtrend macro in place from its 2021 all-time highs, but the March close would be the first potential candle to complete above that trend line on monthly time frames.
“Next Saturday, the BTC monthly candle will have closed above the downtrend macro to confirm a new bull market,” Rekt Capital commented.
An accompanying graph compared price action in 2023 with that of previous cycles, implying that Bitcoin is now breaking towards new all-time highs after hitting a bear market low.
If that were the case, the cycle low would have occurred in November 2022, right after the FTX debacle, when the BTC/USD pair hit $15,600.
Another post reiterated that the current monthly candle sticks to historical Bitcoin patterns when it comes to bearish macro-trend breakouts.
Notice how #BTC Macro Downtrend Breakout Candles have historically had upside wicks form (yellow circles)
This current Monthly breakout candle looks no different$BTC #Crypto #Bitcoin pic.twitter.com/HSzaaXHGfe
— Rekt Capital (@rektcapital) March 25, 2023
Notice how BTC macro downtrend breakout candles have historically been in the form of upward wicks (yellow circles).
This current monthly breakout candle looks no different.
No change to $28,000 as weekly close approaches
Meanwhile, Bitcoin spot price action continues to keep market participants guessing as the weekend draws to a close.
The mostly flat trading behavior has seen little change, rising above $28,000, the first notable event in several days. However, at the time of writing this article, the BTC/USD pair was back below that level, as data from Cointelegraph Markets Pro and TradingView show.
Popular analytics account Skew argued that exchange behavior was characteristic of weekends, with lower overall liquidity able to move the spot price more easily.
$BTC Spot CVD Buckets & Delta Orders
MMs selling pretty heavily here into some large buyer, typically price compresses till either side is out of capital to move price or gives up.Sunday shenanigans, GN CT ❤️ pic.twitter.com/4MFz6qSAYf
— Skew Δ (@52kskew) March 26, 2023
When analyzing potential scenarios, the Crypto Chase trader stressed The $28,600 level as the breakout level, while to the upside $33,000 was tipped as the point at which a “major reversal” would occur.
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