Analyst: Bitcoin Looks Ready To Reverse Its Months Long Downtrend

A popular crypto analyst and trader, known as Rekt Capital, says that Bitcoin signals that could be ready reverse a multi-month downtrend and start the preparation for new bull run.

The analyst shared with his 292K followers that Bitcoin is showing early signs of rebounce from a strong macro support level.

“BTC indeed retraces back to the Higher Low and is showing early signs of rebounding from there.”

#BTC indeed retraces back to the Higher Low and is showing early signs of rebounding from there$BTC #Crypto #Bitcoin pic.twitter.com/MXmOHNfyMr

— Rekt Capital (@rektcapital) March 7, 2022

According to the analyst, in the past, the leading digital asset had many weekly closes below the $40K area, before jumping back up.

“Just like last time, BTC Weekly Closed below black (~$43100) & retraced to red (~$38000) for a retest

BTC is now trying to retest red ($38K) which is confluent with the green Higher Low

Successful retest here would enable a rally across the $38K-$43.1K range.”

Just like last time, #BTC Weekly Closed below black (~$43100) & retraced to red (~$38000) for a retest$BTC is now trying to retest red ($38K) which is confluent with the green Higher Low

Successful retest here would enable a rally across the $38K-$43.1K range#Crypto #Bitcoin https://t.co/R8YWbb2KLW pic.twitter.com/YtNpHzYM03

— Rekt Capital (@rektcapital) March 8, 2022

According to Rekt Capital, Bitcoin’s key task of holding the $38,000 level, which if it can hold as support, a rally to $51,000 is possible.

Bitcoin could be preparing to repeat last week’s rally, where it shot up approx. 20% to $45,000.

“BTC has revisited the green Higher Low and is retesting it as support

Successful retest here and BTC could actually repeat last week’s move

BTC would need to break the green dashed diagonal to enable a revisit of the ~$43100 level.”

#BTC has revisited the green Higher Low and is retesting it as support

Successful retest here and $BTC could actually repeat last week's move

BTC would need to break the green dashed diagonal to enable a revisit of the ~$43100 level#Crypto #Bitcoin pic.twitter.com/xZuedQkzxP

— Rekt Capital (@rektcapital) March 8, 2022