The latest analysis says that Bitcoin (BTC) has a few days to go before starting a new macro uptrend.
in his latest twitter activityPopular trader and analyst Rekt Capital marked a major monthly close for BTC/USD.
BTC price action closely mimics previous cycles
BTC price action is on its way out of the bear market despite facing problems in flipping towards the $28,000 support.
This is according to Rekt Capital, which on March 26 offered an optimistic picture of how BTC/USD could end the month.
The pair’s recent gains have kept it above a macro downtrend since its 2021 all-time high, but the March close would be the first potential candle to complete above that trend line on the monthly timeframe.
“Next Saturday, BTC monthly candle closes above macro downtrend to confirm new bull run,” commented Rekt Capital.
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The accompanying chart compares the price action of 2023 to previous cycles, and implies that bitcoin is now on its way to new all-time highs after a bear market bottom was set.
Should this be the case, the cycle would have bottomed out right after the FTX debacle in November 2022, when BTC/USD peaked at $15,600.
BTC/USD annotated chart. Source: Rect Capital/Twitter
Another post reiterated that the current monthly candlestick fits bitcoin’s historical pattern when it comes to breakouts from macro downtrends.
$28,000 unmoved as weekly close approaches
Meanwhile bitcoin spot price action continues to keep market participants guessing as the weekend comes to an end.
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The first notable event in several days saw little through change in mostly flat trading behavior with a push above $28,000. However, at the time of writing, BTC/USD was trading below that level, as shown by data from Cointelegraph Markets Pro and TradingView.
BTC/USD 1-hour candle chart (Binance). Source: TradingView
Popular analytics account Skew argued that exchange behavior was characteristic of the weekend, with overall low liquidity apt to move the spot price more easily.
Analysis of possible scenarios, Trader Crypto Chase Thrown light on $28,600 as the breaker level, while upwards of $33,000 was tipped as the point at which a “major reversal” would occur.
BTC/USD annotated chart. Source: Crypto Chase / Twitter
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Source: cointelegraph.com
