Rekt Capital, a well-known cryptocurrency research firm, recently predicted that Bitcoin (BTC) would soon make a historic breakthrough to the upside.
The trendline that has kept bitcoin bearish since it reached its all-time high in November 2022 has been broken, Rekt informs his 341,000 Twitter followers.
A fresh bull market will be confirmed tomorrow when the BTC monthly candle closes above the macro downtrend.
Bitcoin is on the verge of a historic milestone.
According to Rekt, Bitcoin’s breakout occurred precisely 396 days before the Bitcoin halving in April of next year. At the time of the split, the rate at which new Bitcoins are created is halved.
He then notes that this year’s Bitcoin breakout comes precisely 396 days before the 2020 split.
The words of Rekt:
About a year before the next halving, Bitcoin tends to reverse its macro downtrend.
It’s the same story this time.”
According to the well-known analyst, the fact that Bitcoin just closed a bullish engulfing candle is another reason in its favor. When a green candle fully covers a previous red candle at both the open and close, it forms a bullish engulfing candle.
When this quarter ends, Bitcoin will have formed its first positive engulfing candle since the beginning of 2020.
Multiple quarters of gains have been anticipated for the bullish engulfing candles in the quarterly time frame.
Bitcoin is currently selling for $28,409 at the time of this writing.
