Bitcoin (BTC) has a matter of days before starting a new bullish macrotrend, according to the latest analysis.
in his last activity on TwitterPopular trader and analyst Rekt Capital marked a key monthly close in BTC/USD manufacturing.
BTC Price Action Closely Mimics Past Cycles
Despite facing trouble flipping $28,000 to support, BTC’s price action is firmly on track to exit its bear market.
That’s according to Rekt Capital, who on March 26 presented an optimistic picture of how BTC/USD would likely end the month.
The pair’s recent gains have put it above a downtrend macro trend from its 2021 all-time highs, but the March close would be the first potential candle to complete above that trend line on monthly terms.
“Next Saturday, the BTC monthly candle will have closed above the macro downtrend to confirm a new bull market,” Rekt Capital commented.
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An accompanying chart compared 2023 price action to previous cycles and hinted that Bitcoin is now soaring towards new all-time highs after setting a bear market bottom.
If that were the case, the cycle low would have occurred in November 2022, right after the FTX debacle, when BTC/USD hit $15,600.
Another post reiterated that the current monthly candle sticks to historical Bitcoin patterns when it comes to bearish macro-trend breakouts.
realize how #BTC Macro downtrend breakout candles have historically been in the form of rising wicks (yellow circles).
This current monthly breakout candle looks no different.$BTC #Crypto #Bitcoin pic.twitter.com/HSzaaXHGfe
— RektCapital (@rektcapital) March 25, 2023
Don’t trade $28,000 as weekly close approaches
Meanwhile, Bitcoin spot price action continues to keep market participants guessing as the weekend draws to a close.
Related: Bitcoin bulls remain bullish, but macro and crypto-specific hurdles have BTC pegged below $30K
The mostly flat trading behavior has seen little change, with it rising above $28,000, the first notable event in several days. However, at the time of writing, BTC/USD was back below that level, as data from Cointelegraph Markets Pro and TradingView.
Popular analytics account Skew argued that the behavior of the exchanges was characteristic of weekends, with lower overall liquidity able to move the spot price more easily.
$BTC Detect CVD buckets and delta orders
MMs are sold quite a lot here to a big buyer, usually the price is compressed until either side runs out of capital to move the price or gives up.Sunday shenanigans, GN CT ❤️ pic.twitter.com/4MFz6qSAYf
— Skew Δ (@52kskew) March 26, 2023
Analyzing potential scenarios, trader Crypto Chase highlighted $28,600 as the breakout level, while to the upside $33,000 was tipped as the point at which a “major reversal” would occur.
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