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

cointelegraph.com:

Bitcoin (BTC) has a matter of days to go before beginning a new macro uptrend, the latest analysis says.

In his latest Twitter activity, popular trader and analyst Rekt Capital flagged a key monthly close in the making for BTC/USD.

Despite facing problems flipping $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.

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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/USD hit $15,600.

A further post reiterated that the current monthly candle fits Bitcoin's historical patterns when it comes to breakouts from macro downtrends.

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

Bitcoin spot price action meanwhile continues to keep market participants guessing as the weekend comes to an end.

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