A intently adopted crypto strategist recognized for making long-term assessments on Bitcoin (BTC) believes that the king crypto has entered bull territory.
Pseudonymous analyst Rekt tells his 341,800 Twitter followers that Bitcoin has concluded its 16-month lengthy bear market after ending March on a excessive word.
In keeping with the crypto strategist, Bitcoin has managed to shut March above a diagonal resistance that has stored BTC bearish since November of 2021.
“[On April 1st], BTC confirmed its breakout past the macro downtrend to start a brand new macro uptrend.”
Rekt additionally highlights that based mostly on Bitcoin’s historical past, bull markets are inclined to emerge after BTC takes out its bear market trendline.
“BTC has damaged the macro downtrend.
Historical past has proven that when macro downtrends are damaged, macro uptrends start.”
In keeping with Rekt, the month-to-month candle shut in March marks a momentous occassion for the king crypto.
“BTC has carried out its month-to-month candle shut above the macro downtrend for under the third time ever.
Historical past has been made.”
The crypto strategist additionally factors out that Q1’s quarterly candle fully engulfed the This fall 2022 quarterly candle. In technical evaluation phrases, a bullish engulfing candle signifies a possible reversal in development because it reveals large shopping for strain.
In keeping with Rekt, the final time Bitcoin witnessed a bullish engulfing quarterly candle was about three years in the past, when BTC was buying and selling under $10,000. Rekt’s chart reveals that the bullish engulfing quarterly candle was the start of BTC’s ascent to a contemporary all-time excessive of $69,000.
“BTC has formally confirmed its quarterly bullish engulfing candle.
The final time BTC shaped a quarterly bullish engulfing candle was in early 2020.”
At time of writing, Bitcoin is buying and selling for $28,363.
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