Analysis

Analyst Predicts Exponential Gains for Bitcoin, Says Short-Term BTC Bearish Structure Now Invalidated

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.” 

Image
Source: Rekt Capital/Twitter

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.” 

Image
Source: Rekt Capital/Twitter

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.” 

Image
Source: Rekt Capital/Twitter

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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Generated Image: Midjourney



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