Bitcoin Downtrend Is Finally Over: Is It Time for a BTC Price Breakout?

2024-9-24 13:30

The latest Rekt Capital newsletter discusses the recent changes in Bitcoin’s price action, suggesting that the downtrend may be over and a potential breakout could be imminent.

Earlier in the month, Rekt Capital explained how Bitcoin was expected to follow a specific trajectory (the red path) to position itself for a move beyond its established downtrending channel (marked in black).

Last week, Bitcoin appeared set for a retest of the bottom of this channel, a crucial step for maintaining its momentum and potentially breaking through the downtrend that has persisted since late July.

As the week progressed, Bitcoin successfully followed the anticipated red path, decisively breaking a series of lower highs (indicated in light blue). A key milestone was the need for Bitcoin to achieve a weekly close above approximately $61,900—representing the downtrend.

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Rekt Capital notes that Bitcoin not only met this requirement but closed significantly higher, signifying the end of the downtrend.

Read Also: What Happens to Bitcoin in October When September Is ‘Green’? BTC Price Prediction

A Possibe BTC Price Retest Anticipated

However, Rekt Capital cautions that when a downtrend concludes, there is often a chance for the price to pull back into the previous downtrend area, which could then serve as new support. For this confirmation to occur, a slight drop to around $61,300 would be necessary.

This downtrend is dynamic, meaning that its resistance and support levels will shift lower each week. The analyst points out that interestingly, this potential retest aligns with the green 21-week Bull Market EMA and the orange Pi Cycle MA, both of which are situated around the same price region.

Thus, a short-term dip could serve as a confirmation of the end of the downtrend and the beginning of a new Bitcoin price uptrend. Rekt Capital emphasizes that while this uptrend is likely to target the highs of the black downtrending channel at around $67,000, breaking this channel top is essential for Bitcoin to reach new all-time highs.

In conclusion, Rekt Capital remains optimistic about Bitcoin’s potential movement, indicating that the recent break of the intra-channel downtrend (light blue) is a positive sign for future BTC price action. The focus now lies on Bitcoin’s ability to navigate this transition, which may involve some short-term fluctuations to solidify its upward trajectory.

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The post Bitcoin Downtrend Is Finally Over: Is It Time for a BTC Price Breakout? appeared first on CaptainAltcoin.

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