A widely followed crypto strategist says that Bitcoin (BTC) is now in a position to print exponential gains in the coming months.
Pseudonymous analyst Rekt Capital tells his 324,900 Twitter followers that Bitcoin is now in a bullish phase and will likely witness rising price action in the mid to long-term.
Rekt Capital shares a chart showing that BTC continues to trade well above a diagonal trendline that kept Bitcoin bearish for more than a year.
“BTC is very well-positioned for mid-to-long-term upside
It would be a shame to miss out on the exponential post-BTC halving gains.”
As for his short-term outlook for BTC, Rekt Capital says that Bitcoin’s April 10th close above $29,000 indicates that the bearish double-top structure is likely no longer a threat to the king crypto.
“BTC daily close like this and the double top will be invalidated.
The BTC double top is dangerously close to being over.”
Although Bitcoin bulls are starting to flex their muscles, the trader says that BTC could still witness a corrective move as long as it is trading below a diagonal resistance.
“BTC continues to remain inside this structure.
No major trend shift as of yet.
BTC would need to break beyond the black higher high trendline to enjoy a bullish breakout
Until that breakout is confirmed, there will be a threat of rejection there.”
Looking at the analyst’s chart, it appears that BTC must go above the $30,000 price level to crack the analyst’s diagonal resistance.
At time of writing, BTC has done so and is trading for $30,257.
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Original Link: https://dailyhodl.com/2023/04/12/analyst-predicts-exponential-gains-for-bitcoin-says-short-term-btc-bearish-structure-now-invalidated/
