Bitcoin Poised for Bullish Shift as Analyst Sees End of Bear Market
23.10.2024 19:00 2 min. read Kosta Gushterov
A popular cryptocurrency analyst anticipates that Bitcoin (BTC) is on the verge of a bullish trend shift.
Rekt Capital recently stated that Bitcoin’s recent surge past $69,000 indicates the conclusion of its bearish phase, which started in March.
BTC has Weekly Closed above the red resistance area above the Channel Top (black)
Key takeaways:
• The multi-month Downtrend is over
• BTC has broken out from its Downtrending Channel
• BTC may try to turn this resistance into new support$BTC #Crypto #Bitcoin https://t.co/zsJqNxxVRC pic.twitter.com/Zjh7FL8pIB
— Rekt Capital (@rektcapital) October 21, 2024
He noted that Bitcoin has successfully closed above key resistance levels. His analysis outlines several crucial points:
- The prolonged downtrend appears to be over.
- Bitcoin has broken free from its downward channel.
- It might convert this previous resistance into new support.
Rekt Capital believes Bitcoin is close to entering a new bull market, indicating that the ongoing retest is crucial. He explained that BTC is probing the former resistance zone, suggesting it could dip back to the channel’s top but a successful retest there could lead to further price increases.
The Bitcoin retest is very much underway now
BTC is digging deeper $ deeper into the old area of resistance (red) so as to turn it into new support (green)
Could go as low as the Channel Top (black)
Successful retest here -> renewed upside$BTC #Crypto #Bitcoin https://t.co/Ytarr8A746 pic.twitter.com/XbZPpDvaTM
— Rekt Capital (@rektcapital) October 21, 2024
He emphasized that a confirmed bull market for Bitcoin could trigger a broader positive shift in the crypto market, marking a potential new cycle of capital flow.
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