According to Rekt Capital, BTC is following historical patterns and set to enter a classic bull market comeback. The popular trader and analyst flagged a key monthly close for BTC/USD, which is expected to confirm a new macro uptrend. Despite struggling to flip $28,000 to support, BTC price action is reportedly abandoning its bear market. Rekt Capital’s optimistic analysis indicates that the March close will be the first potential candle to complete above the macro downtrend on monthly timeframes.
The accompanying chart shows BTC is breaking out towards new all-time highs after setting a bear market low, with the cycle low predicted to have occurred in November 2022 when BTC/USD hit $15,600. As the weekly close approaches, Bitcoin spot price action remains mostly flat, with little by way of change. The first notable event in several days was a push over $28,000, which was quickly reversed.
BTC/USD was trading below that level at the time of writing. Trading volume is generally lower on weekends, which is reflected in the lower liquidity that can more easily move the spot price. Traders are looking at $28,600 as a critical level and $33,000 as the point of a major reversal to the upside.