- A renowned crypto analyst has predicted that BTC has entered bull territory.
- The strategist said that bull markets usually surface after BTC eliminates its bear market trend.
Bitcoin has had a long-term prediction made on it by a famous crypto analyst, who forecasted that the coin has migrated to the bull territory.
The strategist, who goes by the pseudonym, Rekt, tweeted that Bitcoin has completed its 16-month-long bear market after it positively ended in March. To him, there is a full-on trend shift.
Bitcoin Enters Bull Territory
Rekt opined that Bitcoin closed March beyond the diagonal resistance that kept it bearish since November 2021.
Then, on April 1st, Bitcoin confirmed its breakout beyond the macro downtrend to begin a new macro uptrend. To him, this signified a remarkable moment for the coin.
BTC has performed its monthly candle close above the macro downtrend for the third time. History has been made.”
He underscored that, per Bitcoin’s history, bull markets tend to come to the fore after the bear market ends. “BTC has broken the macro downtrend; History has shown that when macro downtrends are broken, macro uptrends begin.”
Furthermore, Rekt mentioned that Q1’s quarterly candle totally overwhelmed the Q4 2022 quarterly candle. To put this into perspective, a bullish engulfing candle signifies a prospective turnaround in trend, indicating immense buying pressure.
He stated that BTC last had a bullish engulfing quarterly candle about three years ago when it traded below $10,000. Rekt’s chart indicates that the bullish engulfing quarterly candle was the genesis of BTC’s rise to the all-time high of $69,000.
BTC has officially confirmed its quarterly bullish engulfing candle. The last time BTC formed a quarterly bullish engulfing candle was in early 2020.”
BTC closed out March past the $28,000 mark, now trading at $28,300.
What next for BTC?
Bitcoin closed out March bullishly amid a scenario of regulatory clampdowns in the United States from the SEC and CFTC. Its price rose by more than 20% last month, rising from $23,450 to $28,000 – a similar trajectory that January took.
This led another analyst on Twitter, “The Birb Nest,” to speculate that this solid monthly close would lead to a bullish profile for BTC on the daily time frame. Noting that the daily trend support is $22,500, he said this “may serve as a point of reference or anchor to many traders, increasing that BTC will gravitate toward the 200-day average price.”
A third said that BTC’s price closing above the 21-day exponential moving average indicates a bull run. “This only happened in 2015 and 2019. Both times the big bull run started with this signal.”
Generally, crypto is in a sticky spot. With banking and regulatory controversies almost every day, the majority still determine what to expect moving forward. However, these analyses would gladden the hearts of enthusiasts and investors.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.