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

Market Analysis

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.

BTC price action closely mimics past cycles

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.

Related: Best and worst countries for crypto taxes — plus crypto tax tips

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.

BTC/USD annotated chart. Source: Rekt Capital/ Twitter

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

No flipping $28,000 as weekly close approaches

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

Related: Bitcoin bulls remain bullish, but macro and crypto-specific hurdles have BTC pinned below $30K

Mostly flat trading behavior has seen little by way of change, with a push over $28,000 the first notable event in several days. At the time of writing, however, BTC/USD was back below that level, as shown by data from Cointelegraph Markets Pro and TradingView.

BTC/USD 1-hour candle chart (Binance). Source: TradingView

Popular analytics account Skew argued that exchange behavior was characteristic of weekends, with overall lower liquidity apt to move 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 at which a “major reversal” would take place.

BTC/USD annotated chart. Source: Crypto Chase/ Twitter

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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