Analyst suggests the monthslong downtrend of Bitcoin has come to an end implying a potential upward movement for BTC

CoinWorld reports:
An analyst believes that Bitcoin has experienced a pullback before the halving this year and is consolidating its potential for a rapid trend reversal.
Anonymous analyst Rekt Capital told his 506,300 followers on social media platform that Bitcoin is very close to entering a bull market after surging above $69,000 last week.
According to this cryptocurrency strategist, this move signals the end of the bearish trend that Bitcoin has been experiencing since March.
BTC closed the week above the red resistance area above the top of the channel (black).
“Key takeaways:
– The months-long downtrend has come to an end.
– BTC has broken out of its downward channel.
– BTC may attempt to turn this resistance into new support.”


Source:
Rekt Capital/X
The trader states that Bitcoin is just one step away from successfully transitioning into a new bull market.
“The retest of Bitcoin is underway.
BTC is digging deeper into the old resistance area (red) to convert it into new support (green).
Could go as low as the top of the channel (black).
Retest here -> rally up again.”


Source:
Rekt Capital/X
Rekt emphasizes that the confirmation of a Bitcoin bull market will be a rising tide that lifts all boats.
“Bitcoin is a historic breakthrough with a long way to go before launching a new cycle of cryptocurrency capital flow.”


Source:
Rekt Capital/X
At the time of writing this article, Bitcoin is valued at $67,181.
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