Bitcoin (BTC) is on the cusp of making history according to popular crypto analyst Rekt Capital. The current trend places BTC above a key macro downward resistance line that has kept the cryptocurrency bearish since its all time high in November 2022. Rekt has announced to his 341,000 Twitter followers that if the monthly candle closes above the macro downtrend, it will confirm a new bull market.

BTC is also coming off a successful break-out that occurred exactly 396 days before its upcoming halving, which is scheduled to occur in April 2021. This is a remarkable indicator as in 2019, it also broke out exactly 396 days before its halving in 2020. The analyst also claims that the quarterly bullish engulfing candle closing for BTC is indeed another factor that favors the cryptocurrency.

The bullish engulfing candle is when a green candle completely overlaps a previous red candle on both the opening and the closing prices. Historically, according to Rekt Capital, such a candle has preceded multiple quarters of upside. As of the time of writing, BTC is trading for $28,409.

All indications are that BTC is converging to the most arduous task of breaking past a major resistance line, which will likely confirm its bull market. Rek Capital’s announcement on the matter has got significant attention, followed by intense anticipation and excitement among the crypto community. Although the result of the break-out can only be known by the end of this month or the beginning of the next, existing indicators show bullishness and hint at a promising future for BTC.



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