Analyst Says Bitcoin’s Multi-Month Downtrend Has Ended, Hints at Renewed BTC Upside Potential

The analyst, who charted Bitcoin’s correction ahead of the halving this year, believes BTC is strengthening its chances of witnessing a trend reversal soon.

The analyst, who goes by the pseudonym Rekt Capital, reports that his 506,300 followers on social media platform X are very close to entering bullish territory after soaring above $69,000 last week.

According to the crypto strategist, the move marks the end of Bitcoin’s bearish trend that began in March.

BTC closed the week above the red resistance area above the channel top (black).

“Main conclusions:

• The multi-month downward trend has ended

• BTC exited the downward channel

• BTC may try to turn this resistance into new support.”

A trader says Bitcoin is one step away from successfully entering a new bull market.

“Bitcoin retesting is now in full swing.

BTC is moving deeper and deeper into the old resistance area (red) to turn it into new support (green).

Can go down to the top of the channel (black).

Successful retest -> new growth potential.”

Recht emphasizes that a confirmed Bitcoin bull market will be the rising tide that lifts all boats.

“Bitcoin is one historic breakout to new all-time highs from the start of a new crypto cash flow cycle.”

At the time of writing, Bitcoin is worth $67,181.

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Generated image: Midjourney