Crypto Trader Updates Outlook on Bitcoin (BTC) Bull Market Progress and Calls for Bullish Move for Solana (SOL)
A widely followed crypto analyst is updating his strategy for Bitcoin (BTC) as the crypto king's next halving approaches.
Pseudonymous crypto trader Rekt Capital tells his 388,300 followers on social media platform X that BTC will likely face resistance in the next few months.
“The macrodiagonal continues to act as resistance
History suggests this will continue for several months
However, after the halving, BTC should be ready to break this macro diagonal and convert it into new support to reach new all-time highs.”
Source: Rekt Capital/X
The Bitcoin halving is a programmed event that occurs every four years and reduces mining rewards by half. Historically, BTC rallies have typically followed halvings.
However, until BTC reaches this point, Rekt Capital sees the possibility of Bitcoin slipping ahead of the next halving, which is expected to take place in April.
“Will Bitcoin Offer Another Retracement Before Halving?
If it happens, it definitely won't be as deep as it was in March 2020.
Source: Rekt Capital/X
As for the Bitcoin bull market, overall, the analyst believes BTC is almost a third of the way there.
“BTC bull market progress: 30.9%”
Source: Rekt Capital/X
At the time of writing, BTC is worth $41,844, down 10% over the last week.
Looking at Layer 1 smart contract platform Solana (SOL), the trader says SOL is facing a testing point at its range low.
“Solana rejects the old black Range Low
I've followed the path well so far
Will become invalid if SOL recovers the above black value and/or weekly closing price.”
Source: Rekt Capital/X
At the time of writing, SOL is worth $95.34, down 5% over the last week.
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