Bitcoin (BTC) has a matter of days before starting a new macro uptrend, the latest analysis says.
In his latest tweetPopular trader and analyst Rekt Capital provides monthly key indicators for making BTC/USD.
BTC price action is very similar to past cycles
Despite facing the problem of flipping $28,000 to support, the price of BTC behaved strongly on the way to abandon its bear market.
That’s according to Rekt Capital, which on March 26 presented an optimistic picture of how BTC/USD will finish the month.
The pair’s recent gains have been above the macro downtrend since the 2021 highs, but the March close will be the first potential candle to finish above the trendline on a monthly basis.
“Next, the BTC Monthly Candle will close above the Macro Downtrend to confirm a new Bull Market,” commented Rekt Capital.
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The attached chart compares the price behavior of 2023 with previous cycles and shows that Bitcoin is now rising to an all-time high after setting a bear market low.
If that happens, a low cycle will occur in November 2022, after the FTX event, when BTC/USD reaches $15,600.
A further post reiterated that the current monthly candles fit the historical pattern of Bitcoin when it comes to breakouts from macro downtrends.
Notice how #BTC Macro Downtrend Breakout Candles have historically had the shape of upward wicks (yellow circles)
This current Monthly breakout candle looks no different$BTC #Crypto #Bitcoin pic.twitter.com/HSzaaXHGfe
— Rekt Capital (@rektcapital) March 25, 2023
No flipping $28,000 at the weekly close
Bitcoin spot price action meanwhile continues to weigh on market participants as the weekend draws to a close.
Related: Bitcoin bulls remain bullish, but macro and crypto-specific odds have BTC pinned below $30K
The largely flat trading behavior has changed with the changes, with the push above $28,000 being the first significant event in several days. But at the time of writing, BTC/USD is back below that level, as shown by data from Cointelegraph Markets Pro and TradingView.
Popular analytics account Skew says that the behavior of the exchange is characteristic of the weekend, with lower liquidity making it easier to move spot prices.
$BTC Spot CVD Bucket & Order Delta
MMs sell quite a lot here to some big buyers, usually the price compresses until either side comes out of the capital to move the price or give up.Sunday shenanigans, GN CT ❤️ pic.twitter.com/4MFz6qSAYf
– Skew Δ (@52kskew) March 26, 2023
Analyzing potential scenarios, Crypto Chase traders highlighted $28,600 is the breaker level, when it goes up, $33,000 is tipped as the point at which the “main reversal” will take place.
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