#牛市 Rekt Capital says BTC price action is replicating historical patterns for a classic Bitcoin bull comeback.
Bitcoin ( BTC ) has days left before it begins a new macro uptrend, according to new analysis.
In his latest Twitter activity, popular trader and analyst Rekt Capital noted that BTC/USD is forming a key monthly close.
BTC price action closely correlates with past cycles
Despite facing issues selling off the $28,000 support, BTC price action is firmly on the path to abandoning the bear market.
This is according to Rekt Capital, who on March 26 offered an optimistic view on how BTC/USD might end the month.
The pair’s recent rise has taken it above a macro downtrend line from the 2021 all-time high, but a March close would be the first potential candlestick to break above that trendline on the monthly timeframe.
“Next Saturday, the BTC monthly candle will close above the macro downtrend to confirm a new bull run,” Rekt Capital commented.
The accompanying chart compares 2023 price action to that of previous cycles and suggests Bitcoin is now breaking out to new all-time highs after setting bear market lows.
If this is the case, the cycle low would occur in November 2022, just after the FTX crash, when BTC/USD hit $15,600.
Another post reiterated that the current monthly candlestick chart fits Bitcoin’s historical pattern in terms of a breakout of a macro downtrend.
No flip to $28,000 as weekly close approaches
Meanwhile, Bitcoin spot price action continues to keep market participants guessing as the weekend draws to a close.
There has been little change in the mostly flat trading action, with the first notable event in days being a breakout above $28,000. However, at the time of writing, BTC/USD has moved back below that level, as shown by data from Cointelegraph Markets Pro and TradingView.
Popular analytics account Skew believes that the trading behavior is characteristic of the weekend, with lower overall liquidity more likely to affect spot prices.
Analyzing potential scenarios, trader Crypto Chase highlighted $28,600 as a breakout level, while a move above $33,000 is considered the point where a “major reversal” would occur.
C3 Tip: The views, thoughts and opinions expressed here are the author's own and do not constitute investment advice or recommendations. Every investment and transaction involves risk.
