Bitcoin is on the verge of a major trend shift, according to an analyst who accurately predicted the pre-halving correction earlier this year. Rekt Capital, a pseudonymous analyst with a significant following on social media, believes that Bitcoin is inching closer to entering a bull market after reaching above $69,000 last week. This marks the end of a bearish trend that has been in place since March.
The analyst points out that Bitcoin has closed above a key resistance level, signaling a potential breakout from its downtrending channel. This development suggests that Bitcoin could be on the cusp of establishing new support levels and transitioning into a bullish phase. Rekt Capital emphasizes the importance of a successful retest of these levels for Bitcoin to see renewed upside momentum.
In a series of charts shared on social media, the analyst highlights the significance of Bitcoin’s retest of resistance-turned-support levels. The successful establishment of these support zones could pave the way for Bitcoin to embark on a new bull market. Rekt Capital suggests that Bitcoin is just one historic breakout away from triggering a new Crypto Money Flow Cycle, which could have positive implications for the entire cryptocurrency market.
As of the time of writing, Bitcoin is trading at $67,181, indicating strong momentum and potential for further upside. The analyst’s insights offer a bullish outlook for Bitcoin and the broader cryptocurrency market, underscoring the potential for significant price appreciation in the near future.
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*Note: This article is based on information shared by Rekt Capital and is for informational purposes only. Investors should conduct their own research before making any investment decisions.