Countdown to the bull market? BTC may well break the bear trend next week, says RektCapital.
In his latestBTC price action closely mimics past cyclesflipping $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.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/USDA further post reiterated that the current monthly candle fits Bitcoin's historical patterns when it comes to breakouts from macro downtrends.This current Monthly breakout candle looks no different
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