A widely followed crypto analyst says the largest crypto asset by market cap is in the first inning of its next bull market.
Pseudonymous crypto trader Rekt Capital tells their 345,800 Twitter followers that Bitcoin (BTC) is in the early stages of a bull run.
Further contextualizing their claim, Rekt provides a chart detailing BTC breaking out of a falling wedge pattern and then retesting the upper boundary of the wedge to confirm the pattern.
“BTC has Weekly Closed right at the Falling Wedge resistance or just above it
Either way, BTC may be set for a dip to retest the top of this Falling Wedge as support
Successful retest would confirm the Falling Wedge breakout.”
A falling wedge breakout is a technical analysis pattern that is used to identify potential bullish reversals in an asset’s price. The pattern is characterized by a series of lower highs and lower lows that form a wedge-shaped pattern on the chart. As the pattern progresses, the distance between the highs and lows decreases, which indicates that the selling pressure is weakening. When the price breaks out of the upper trend line of the wedge, it’s traditionally considered bullish.
Rekt Capital also says that BTC had a “great” weekly close, with its candle closing just above the $27,000 level.
“Now that’s a really good BTC Weekly Close
BTC lost ~$27,600 as support two weeks ago and now has positioned itself for a retest/reclaim of this same level
Dip into black would be healthy and successful retest there could position BTC for a revisit of ~$28,800″
Zooming out, Rekt says that in the last several months, BTC has crossed above a long-term downward resistance that formed in late 2021. The analyst says Bitcoin is now in a bullish trend, at least for the medium to long term.
“BTC’s outlook in the mid-to-long-term is bullish”
BTC is worth $27,627 at time of writing, down 0.6% in the last 24 hours.
Featured Image: Shutterstock/studiostoks/Boombastic
Read the full article here