🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

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.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.