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Crypto Analyst Says Bitcoin Will Enter A 'New Bull Market' In A Week — Here's How

Published 27/03/2023, 13:34

Benzinga - A pseudonymous crypto analyst said Bitcoin (CRYPTO: BTC) is poised to start a new macro uptrend within a matter of days.

What Happened: In his latest tweet, "Rekt Capital" told his 340,000 followers that next Saturday, on April 1, BTC monthly candle will close above the macro downtrend to confirm a new bull market.

See Also: Top Indian Apps That Give Bitcoin, NFT Rewards

An accompanying chart compared 2023 Bitcoin price behavior to that of previous cryptocurrency cycles and suggested that Bitcoin is poised to break out to new all-time highs following the bear market of recent years. The chart highlights how Bitcoin has consistently increased in value and is now ready to overcome its previous all-time highs.

Rekt Capital, on Sunday, warned that if the struggle of Bitcoin to break the $28,700 resistance level continues, then a healthy dip could be necessary to generate fresh buyer interest at lower price points.

Technicals are showing some short-term weakness & it could be that a catalyst will soon appear to play that weakness out,” the analyst added.

Price Action: BTC was trading at $27,801, up 1.08% in the last 24 hours, according to Benzinga Pro.

Read Next: Bitcoin, Ethereum, Dogecoin Mixed As Banking Worries Deepen: Analyst Says 'Trading Isn't Black And White', Predicts Apex Crypto To Reach $40K

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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