© Provided by BenzingaA crypto analyst with a pseudonym says that Bitcoin (CRYPTO: BTC) will start a new bullish macro trend in a few days.
What Happened: In a recent tweet, Rekt Capital informed its 340,000 followers that next Saturday, April 1, the BTC monthly candle will close above a macro downward trend to confirm a new growth market.
See Also : Best Indian Apps Offering Bitcoin and NFT Rewards
The attached chart compares Bitcoin's price action in 2023 to previous cryptocurrency cycles, showing that Bitcoin is poised to set new all-time highs after last year's bear market. The chart shows how Bitcoin has steadily increased in value and is now poised to surpass its previous all-time high.
Rekt Capital warned Sunday that if Bitcoin's struggle to break the $28,700 resistance level continues, a healthy slide may be needed to attract new buyers at lower prices.
The technicals show some weakness in the short term and it could be the catalyst that will play into this weakness soon,” the analyst added.
Price Action: BTC is trading at $27,801, according to Benzinga Pro, up 1.08% in the last 24 hours.
Read More: Bitcoin, Ethereum, Dogecoin Mix as Banking Concerns Rise: Analyst Says 'Trading Is Not Black and White' Predicts Apex Crypto to Hit $40K
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
SPONSORS
Retirement can be a difficult part of life, and a financial advisor can help. Finding a qualified financial advisor doesn't have to be difficult. SmartAsset's free tool connects you with up to three financial advisors operating in your area, and you can have a free interview with a suitable advisor to decide which one is right for you. If you're ready to find an advisor who can help you reach your financial goals, get started now.
This article by the cryptanalyst states that Bitcoin will enter a "new bull market" within a week - This first appeared on Benzinga.com
.