Analyst Says Bitcoin Multi-Month Downtrend Is Over, Hints at Renewed Upside for BTC

An analyst who weathered Bitcoin’s pre-halving correction this yr believes BTC is solidifying its probabilities of a quickly pattern shift.

Pseudonymous analyst Rekt Capital tells his 506,300 followers on social media platform X very near coming into bull territory after surging above $69,000 final week.

In accordance with the crypto strategist, this transfer marks the tip of Bitcoin’s bearish pattern that began in March.

BTC has closed weekly above the crimson resistance space above the channel high (black).

“Key insights:

• The multi-month downward pattern is over

• BTC has exited its downtrend channel

• BTC can attempt to convert this resistance into new help.”

The dealer says Bitcoin is only one step away from efficiently transitioning into a brand new bull market.

“Bitcoin’s retest is now in full swing.

BTC is digging deeper into the previous space of ​​resistance (crimson) to show it into new help (inexperienced).

Can go as little as the highest of the channel (black).

Profitable retest right here -> renewed profit.”

Rekt emphasizes {that a} confirmed Bitcoin bull market can be a rising tide that lifts all boats.

“Bitcoin is a historic breakout to new all-time highs, away from sparking a brand new Crypto Cash Move Cycle.”

On the time of writing, Bitcoin is price $67,181.

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