Bitcoin Poised for Bullish Shift as Analyst Sees End of Bear Market

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

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.

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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.

#BTC

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.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.