A crypto analyst who accurately predicted Bitcoin’s pre-halving correction this year believes BTC is close to entering a new bull market.
Bitcoin Nearing Bull Market Territory
Pseudonymous analyst Rekt Capital, known for his accurate predictions, told his 506,300 followers on X (formerly Twitter) that Bitcoin is on the verge of transitioning into a bull market after breaking past $69,000 last week. According to the analyst, this marks the end of the bearish trend that has persisted since March.
Key Indicators Signal the End of the Downtrend
Rekt Capital highlights several critical indicators suggesting a potential shift:
- Multi-month downtrend has ended: BTC has finally broken out of its downward channel.
- Resistance turning into support: Bitcoin is testing old resistance levels, which could become new support for future gains.
The analyst emphasizes that BTC is in the process of digging deeper into its old resistance zones. If Bitcoin successfully turns these areas into support, it could signal a renewed uptrend.
The Beginning of a New Bull Market
Rekt Capital suggests that Bitcoin is only one step away from entering a confirmed bull market. He believes that a successful retest of the resistance-turned-support area could lead to renewed price growth. This potential shift in Bitcoin’s momentum would not only benefit BTC but also drive a broader “Crypto Money Flow Cycle,” lifting the entire market.
