Analyst Predicts the End of Bitcoin’s Downtrend, Anticipates New Bull Market for BTC
A market analyst who accurately predicted the Bitcoin correction prior to the halving earlier this year believes that Bitcoin is on the verge of a trend shift. Rekt Capital, a pseudonymous analyst, shared his insight with his large following on X, indicating that Bitcoin is approaching bull territory after reaching a price above $69,000 recently.
Rekt Capital states that this move signifies the end of Bitcoin’s bearish trend that began in March. BTC has achieved a weekly close above the red resistance area above the channel top (black). The analyst summarizes the key takeaways from this development, namely the conclusion of the multi-month downtrend, the breakout from the downtrending channel, and the potential for Bitcoin to convert the previous resistance into new support.
The trader notes that Bitcoin’s transition into a new bull market is nearly complete. BTC is progressively testing the previous resistance zone (red) in order to establish it as new support (green). Rekt Capital suggests that Bitcoin could potentially retrace to the channel top (black) before a successful retest, which could lead to renewed upside momentum.
Rekt Capital highlights that a confirmed Bitcoin bull market would have a positive impact across the entire cryptocurrency market. This development could initiate a new Crypto Money Flow Cycle, further boosting the overall market.
At the time of writing, Bitcoin is valued at $67,181, signifying its strong position in the market.