A popular crypto analyst believes Bitcoin might be on the verge of a comeback. Rekt Capital, who correctly predicted Bitcoin’s price drop earlier this year, says the recent surge above $69,000 could mark the end of a long bearish trend that started in March.
Breaking Out of the Bearish Trend
According to Rekt Capital, Bitcoin has successfully broken out of its downtrending channel and is now testing a key resistance level. He believes this could be the start of a new bull market.
“Bitcoin is one step away from successfully transitioning into a new bull market,” Rekt Capital said on X. “The Bitcoin retest is very much underway now. BTC is digging deeper and deeper into the old area of resistance… so as to turn it into new support.”
A Rising Tide Lifts All Boats
Rekt Capital also emphasizes that a Bitcoin bull market would be a positive event for the entire crypto market.
“Bitcoin is one historic breakout to new all-time highs away from kickstarting a new Crypto Money Flow Cycle,” he said.
While Bitcoin is currently trading around $67,181, Rekt Capital believes a successful retest of the resistance level could lead to a renewed upward trend.
Disclaimer: This information is for educational purposes only and should not be considered investment advice. Always do your own research before making any investment decisions.
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