bitcoin Analyst Rekt, who stands out with his positive predictions on the (BTC) price, believes that BTC has entered a “bull market”.
According to the analyst, with the emergence of a good chart in March, the bear market, which had its effect for 16 months, finally ended. This bearish outlook emerged with the overcoming of a “diagonal resistance” that has been ongoing since November 2021. output.
Analyst Rekt also highlights that, based on Bitcoin’s past movements, bull markets tend to occur after it crosses the bear market trendline.
BTC has broken the macro downtrend. Historical data shows that macro uptrends start when macro downtrends are broken.
to the Rect According to this, the monthly candle close in March was a very important move for BTC.
BTC has only closed its third monthly candle close above its macro downtrend so far.
He also points out that the Q4 quarterly candle completely swallowed the Q4 2022 quarterly candle. In terms of technical analysis, a bullish engulfing candle signals a potential reversal in trend as it shows tremendous buying pressure.
Rekt noted that he witnessed a three-month bull engulfing candle when Bitcoin last traded below $10,000 three years ago. Rekt’s chart shows that the three-month bullish engulfing candle is the beginning of BTC’s rally to its all-time high of $69,000.
You can follow the current price action here.