A crypto analyst believes that Bitcoin BTC/USD could be poised to make history with an upcoming key move.
On Friday, pseudonymous crypto analyst Rekt Capital posted a tweet suggesting that the cryptocurrency could soon break out of a macro downward resistance that has kept Bitcoin bearish since 2022. According to Rekt Capital, the break out would happen 396 days before the next halving, which is scheduled for April 2024.
The analyst then highlighted that a similar breakout occurred 396 days before the 2020 halving. He wrote that the “crypto tends to break Macro Downtrend around a year before its upcoming Halving.”
Rekt Capital also mentioned another plus for Bitcoin, namely a “quarterly bullish engulfing candle.” He said that BTC is “on the cusp of confirming its first quarterly bullish engulfing candle since early 2020. Historically, quarterly bullish engulfing candles have preceded multiple quarters of upside.”
The economist and crypto analyst Alex Krüger echoed Rekt Capital’s sentiment, adding that Bitcoin now has a different role in investors’ portfolios than it did a decade ago. Krüger tweeted that Bitcoin is no longer a way to get rich, but is instead an effective way to preserve wealth and store value.
At the time of writing, Bitcoin was trading at $28,300, about 1% up in the last seven days.
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