According to the opinion of a closely followed analyst and trader in the crypto world Bitcoin (BTC)After a few months of downtrend, it started to signal that it is ready to revive and create the start of a new bull run.
The analyst and trader, known by the pseudonym Rekt Capital, stated that Bitcoin is no longer in a downtrend, but is ready for a bounce, taking advantage of a strong macro support level.
“BTC is indeed returning to the highest lows and showing early signs of recovery there.”
The trader previously stated that Bitcoin experienced multiple bad weekly closes below the $40,000 level.
“Like last time, BTC closed below black ($43,100) on the weekly level and retreated to the red ($38,000) for a retest. BTC is now trying to retest the red combined with the green ‘high low’. If this test is successful, it will trigger a rally to $43,100.”
Rekt CapitalHe also stated that for the bullish thesis to remain valid, Bitcoin faces the key task of holding the $38,000 level. If this critical level remains as support, the trader thinks that a rally to the next major confluence area of around $51,000 will also be in play.
If all goes well, the analyst noted that Bitcoin could be on track to repeat last week’s rally, rising by around 20% to $45,000.
“BTC revisited the High Low shown in green and is retesting it as support. Here is a successful retest and BTC priceIt may end with s actually repeating last week’s move. Bitcoin needs to break the green dashed diagonal to retest the $43,100 level.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.