Bitcoin (BTC) has just days left before starting a new macro uptrend, the latest analysis says.
In his latest Twitter activitypopular trader and analyst Rekt Capital, announced a major monthly close for BTC/USD.
BTC price action closely mimics past cycles
Despite struggling to flip $28,000 for support, BTC price action is firmly on track to exit its bear market.
That’s according to Rekt Capital, which on March 26 presented a bullish picture of how BTC/USD is likely to end the month.
The pair’s recent gains have brought it above a macro downtrend that has been in place since its all-time highs in 2021, but the March close would be the first potential candle to close above this trendline on monthly time frames.
“Next Saturday, the BTC Monthly Candle will close above the macro downtrend to confirm a new bull market,” commented Rekt Capital.
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An accompanying chart compared the price action of 2023 to that of previous cycles and implied that Bitcoin is now breaking out towards new all-time highs after hitting a bear market bottom.
If so, the cycle bottom would have occurred in November 2022, just after the FTX debacle, when BTC/USD touched $15,600.
Annotated BTC/USD chart. Source: Rekt Capital/ Twitter
Another post reiterated that the current monthly candle fits Bitcoin’s historical patterns when it comes to breakouts from macro downtrends.
No flipping from $28,000 as weekly close nears
Bitcoin spot price action, meanwhile, keeps market participants guessing as the weekend draws to a close.
Related: Bitcoin bulls remain optimistic, but macro and crypto-specific hurdles have pinned BTC below $30,000
The mostly flat trading behavior is little changed, with a surge above $28,000 being the first notable event in several days. However, at the time of writing, BTC/USD is back below this level, according to data from Cointelegraph Markets Pro and TradingView.
BTC/USD 1 hour candlestick chart (Binance). Source: TradingView
Popular analytical account Skew argued that stock market behavior is characteristic of weekends, with the overall lower liquidity apt to move the spot price more easily.
Analysis of possible scenarios, Trader Crypto Chase highlighted $28,600 as the breakout level while to the upside tapped $33,000 as the point where a “major reversal” would occur.
Annotated BTC/USD chart. Source: Crypto Chase/Twitter
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