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.