Renowned crypto analyst Rekt Capital says Bitcoin (BTC) is about to make history with a major breakout to the upside.
Rect Tells His 341,000 Twitter followers BTC entered April above a key resistance to the downside, a trend line that has kept Bitcoin bearish since it hit an all-time high in November 2022.
“Tomorrow, the Bitcoin monthly candlestick will close above the overall downtrend confirming a fresh bull market
BTC is about to make history.”
Rekt too He says That BTC broke out exactly 396 days before the bitcoin halving, which is scheduled to take place in April next year. Halving is when the amount of newly issued BTC is cut in half.
He adds that in 2019, Bitcoin also broke out exactly 396 days before the 2020 halving.
He says ricket,
“BTC tends to break its overall downtrend about a year before the next halving
This time is no different.
Popular Analyst He says This other factor favoring Bitcoin is the fact that a quarterly bullish engulfing candle just closed on BTC. A bullish engulfing candle is when a green candle completely overlaps a previous red candle at both the opening and closing prices.
BTC is on the cusp of confirming its first quarterly engulfing candle since early 2020
Historically, quarterly bullish engulfing candles precede several quarters of the uptrend.”
At the time of writing, Bitcoin is trading for $28,409.
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