Bitcoin (BTC), the world’s first-ever cryptocurrency and the largest crypto asset by market capitalization, could confirm a new bull market in just a few days.
Despite its slide from the $28,000 price level, the crypto maiden is apparently copying a historical pattern that could see it abandon the current bear market.
The bullish forecast about Bitcoin came from the popular trader and analyst, who uses the Twitter handle @rektcapital. In a recent tweet, @rektcapital told their over 340,000 followers how BTC/USD would most likely cap the month of March.
Data showed that the BTC/USD pair saw gains that placed it above a macro downtrend since 2021’s all-time high of the crypto asset, with this month’s end seemingly seeing the first possible candle to complete that trendline on a monthly basis.
“Next Saturday, the BTC Monthly Candle will have closed above the Macro Downtrend to confirm a new Bull Market.”
As seen in the chart shared by the analyst, Bitcoin’s 2023 price behavior compared to its previous cycles, suggested it was now on its way to breaking out to a new all-time high after setting a bear market low price.
In another tweet, the analyst mentioned the current monthly candle mirrors the coin’s historical patterns in terms of breakouts from macro downtrends.
“Notice how #BTC Macro Downtrend Breakout Candles have historically had upside wicks form (yellow circles),” the analyst tweeted, adding, “this current Monthly breakout candle looks no different.”
Last week, the Federal Reserve announced a 25bps interest rate spike, which many crypto analysts thought could put the price of Bitcoin at another low.
However, despite the announcement and the ongoing bank crisis in the U.S., investors seemingly shrugged off these nerves and saw the maiden crypto trading at nearly $29,000, a price a little higher than its previous trading price before the announcement.
A crypto analyst, who uses the Twitter handle @CryptoKaleo, forecasted last week Bitcoin could swiftly move from $30,000 to $40,000.
“The move from $30,000 to $40,000 BTC is going to happen a lot quicker than most people think,” the analyst’s tweet read, adding “plenty of people who *want* to be bulls, but are waiting for a dip will be left watching from the sidelines.”
As of 5:47 a.m. ET on Monday, Bitcoin saw an 0.87% gain over the past 24 hours and was trading up $27,922.00 with a 24-hour volume of $14,502,905,530, based on the latest data from CoinMarketCap.
The post Bitcoin Historical Patterns Could Confirm New Bull Market In A Week appeared first on International Business Times.
